SIR.trading begs hacker to return $255K or ‘no chance for us to survive’

Quick Summary:

Hack resulted from feature added to Ethereum’s Dencun upgradeThe hacker targeted a callback function used in the protocol’s “vulnerable contract Vault” which leverages Ethereum’s transient storage feature. The hacker managed to replace the real Uniswap pool address used in this callback function with an address under the hacker’s control, allowing them to redirect the funds in the vault to their address by repeatedly calling the callback function until all of the protocol’s total value locked was drained.

Related: DeFi hacks drop 40% in 2024, CeFi breaches surge to $694M — HackenSIR.trading’s documentation shows that it was billed as “a new DeFi protocol for safer leverage” to address some of the challenges that often occur in leveraged trading — such as volatility decay and liquidation risks.

No legal games, no drama,” they added. Xatarrer said that SIR.trading was built on the back of four years of late-night coding and $70,000 from friends and believers without any additional venture capital funding.“We grew to $400k TVL organically without any advertising.

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Article Details

Author / Journalist: Cointelegraph by Brayden Lindrea

Category: Crypto

Markets: United States

Topics: Trading March Hacker Hack Founder Address Protocol Stolen Funds Crypto Protocol’s

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-01 @ 04:05:14 (1 days ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 493 words

Reading Time: 3 minutes read

Sentences: 16 lines

Sentence Length: 31 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 27504451

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Main Topics: Crypto

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