Another Rekt crypto venture. https://rekt.news/monox-rekt/
On Thu, Dec 2, 2021, 10:46 PM jim bell <[email protected]> wrote: > https://arstechnica.com/information-technology/2021/12/hackers-drain-31-million-from-cryptocurrency-service-monox-finance/?amp=1 > > > Blockchain startup MonoX Finance said on Wednesday that a hacker stole $31 > million by exploiting a bug in software the service uses to draft smart > contracts. > > The company uses a decentralized finance protocol known as MonoX that lets > users trade digital currency tokens without some of the requirements of > traditional exchanges. “Project owners can list their tokens without the > burden of capital requirements and focus on using funds for building the > project instead of providing liquidity,” MonoX company representatives say > here > <http://go.redirectingat.com/?id=100098X1555750&xs=1&url=https%3A%2F%2Fmedium.com%2Fmonoswap%2Fmonox-spotlight-coinlist-seed-5a45ca1e5205&sref=rss>. > “It works by grouping deposited tokens into a virtual pair with vCASH, to > offer a single token pool design.” > > An accounting error built into the company’s software let an attacker > inflate the price of the MONO token and to then use it to cash out all the > other deposited tokens, MonoX Finance revealed in a post > <http://go.redirectingat.com/?id=100098X1555750&xs=1&url=https%3A%2F%2Fmedium.com%2Fmonoswap%2Fexploit-post-mortem-33921a779b43&sref=rss>. > The haul amounted to $31 million worth of tokens on the Ethereum or Polygon > blockchains, both of which are supported by the MonoX protocol. > > Specifically, the hack used the same token as both the tokenIn and > tokenOut, which are methods for exchanging the value of one token for > another. MonoX updates prices after each swap by calculating new prices for > both tokens. When the swap is completed, the price of tokenIn—that is, the > token sent by the user—decreases and the price of tokenOut—or the token > received by the user—increases. >
