Incident Overview
Altilly was an unregulated crypto exchange, launched in mid-2018. It was announced in 2019 that Altilly was acquired by the Qredit team.
While being in the phase of incorporation and acquiring the needed licenses to operate an exchange, Altilly got hacked in December 2020. Only a few months away from official company registration in Estonia.
The exchange lost its funds due to an attack on its servers. Since the hack, a lot of funds were lost, unsaved, or stolen.
Incident Report
Protocol Information
What the Attacker Needed to Succeed
Understanding the prerequisites for this type of attack helps auditors identify protocols that are most at risk and helps developers build better defenses.
What Auditors Should Check
If you're auditing a protocol with similar architecture to Altilly, these are the critical security checks that could have prevented this incident (December 2020).
- Verify all logic paths related to Rugpull are guarded by proper access controls and input validation
- Review privileged functions (owner, admin, governance) for potential abuse vectors - centralization risks should be documented and bounded with timelocks or multi-sigs
Master these auditing techniques with hands-on labs and real exploit scenarios in the Smart Contract Hacking course.
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Learn to Prevent the Next Altilly
The Altilly hack is one of many attacks that skilled auditors are trained to detect before deployment. Master real exploit patterns and defense techniques with hands-on Web3 security training.