Incident Overview
ASKACR token experienced a flash loan attack resulting in a 98% drop in its value and the exploiter profited 28,661 $USD.
ASKACR is an ERC-20 token trading on Binance Smart Chain. The project was exploited via a flash loan attack which caused significant slippage on ASKACR's price, leading to a massive 98% drop.
The attacker then bought up ASKACR tokens at low prices using borrowed funds from Balancer and sold them back at inflated prices, profiting 28,661 $USD.
Attacker address:
https://bscscan.com/address/0xb1899430…47c53e
Malicious transaction:
https://bscscan.com/tx/0xc20fa495…15ea3b
Malicious contract:
https://bscscan.com/address/0x559a352d…f278e2
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 ASKACR Token, these are the critical security checks that could have prevented this incident (March 2023).
- Verify all logic paths related to Flash Loan Attack are guarded by proper access controls and input validation - see the Flash Loans Attacks attack class for patterns
- 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.
Free TrialRelated Attack Classes
The technique used in this hack maps to these vulnerability classes in our security curriculum:
Sources & References
Learn to Prevent the Next ASKACR Token
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