WOOFi

Flash Loan Attack

Estimated loss

$8.75M

VERDICT —UNRATED

Verdict pending. Auto-ingested incidents are reviewed before a public verdict is rendered.

▰ METHOD

FLASHLOAN

FLASHLOANBYTECODE CATCHABLE →AI SCANNABLE →

Root cause

Root-cause analysis not yet published. The incident description below contains all currently available signal — review the attack transaction directly for definitive forensics.

▰ PROOF OF CONCEPT

DEFIHACKLABS

src/test/2024-03/Woofi_exp.sol

view forked test on github ↗

Reproducible Foundry test fork from SunWeb3Sec/DeFiHackLabs. Clone the repo, run forge test against the file path above, and replay the exploit against a mainnet fork at the historical block. Use for reproduction only — not for live targets.

Forensic narrative

The sPMM algorithm controlling the pricing of WOOFi trades on DEX WOOFi was exploited on Arbitrum. The exploit consisted of a sequence of flash loans that took advantage of low liquidity to manipulate the price of WOO in order to repay the flash loans at a cheaper price. The exploiter repeated this attack 3 times within a very short period of time, which netted about $8.75m in profits after returning the flash loans. Attack method (per SlowMist): Flash Loan Attack. Reported loss: $ 8,750,000.

Primary source

https://woo.org/blog/en/woofi-spmm-exploit-post-mortem ↗

Sourced from

slowmist

Technical record