What happened
Eminence was an experimental Ethereum gaming-economy deployment built around EMN and linked bonding-curve currencies. An attacker used a 15M DAI Uniswap flash loan to exploit the interaction between the DAI-to-EMN curve and secondary currencies that burned EMN. The cycle drained the DAI reserve; reporting and a subsequent on-chain transaction document about 8M DAI returned to a Yearn deployer address.
Two connected bonding curves treated EMN as both a reserve-side asset and a burnable input for another currency. The system did not safely account for the effect of secondary-currency EMN burns on the DAI-to-EMN redemption curve. Atomic flash liquidity made the economic imbalance scalable in one transaction; no external price oracle was required.
Case & protocol details
Attack Timeline
The attacker flash-borrowed DAI and minted EMN. They used part of the EMN to buy a secondary Eminence currency, a path that burned EMN. Because EMN supply fed into the base bonding curve that paid DAI on redemption, reducing supply changed the return for the attacker’s remaining EMN.
The attacker sold the remaining EMN back to the DAI reserve, repeated the cycle, and repaid the flash loan.
Funds Recovery
Recovered
$8.0M
Net Loss
$7,118,223
Evidence & learning
Sources and on-chain records
- report Post-mortem rekt.news
- transaction Transaction etherscan.io
- transaction Transaction etherscan.io
- analysis Website reference defirate.com
- analysis Website reference coindesk.com
- analysis The Block — Eminence exploited theblock.co
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