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10 May 2021

The most recently hacked DeFi project couldn't even copy and paste Uniswap and Sushiswap's code | CryptoSlate

The most recently hacked DeFi project couldn't even copy and paste Uniswap and Sushiswap's code | CryptoSlate


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Earlier this week, Uranium Finance, a Binance Smart Chain-based DeFi project, claimed to have lost $50 million dollars in an exploit of its platform, which had borrowed code extensively from Uniswap, a leading decentralized crypto exchange that runs on the Ethereum blockchain.

Before interacting with Uranium, which launched earlier this month, the attacker sent the minimum amount of each token to pair contracts and then employed a low-level “function swap(),” which is a computer programming function that could be used to drain both reserves.

They did this by allowing anyone to interact with the pair contracts, which are smart contracts for trading pairs in an AMM and withdraw all of the tokens.

In short, Uranium Finance got too creative with borrowed code

At least $57,000,000 has been taken in this exploit, making it the second-largest DeFi exploit behind EasyFi’s $59,000,000 hack.  Uranium Finance had already suffered an exploit of their rewards contract earlier this month due to vulnerabilities in one of the project’s smart contracts

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