EvoDeFi Bridge Hack

TOTAL LOST $66.0M
High #102 All-Time Other

Summarize with AI

ChatGPT Perplexity Claude Grok
Affected Chain 2022 Incident surface
Recovered - No recovery reported
All-Time Rank #102 By amount stolen
Protocol Type Canonical Bridge Target category

Incident Overview

Quick Summary

The EvoDefi Bridge minted assets without backing. This approach has lead to users losing possible upwards of $66 million in assets.

Details of the Exploit

The EvoDeFi Bridge connects a plethora of blockchains such as Avalanche, BSC, Heco, Fantom, Gnosis, Moonriver, Ethereum and Oasis Emerald. The incident gained traction when twitter users noticed a gap between 83 million $USDT and 33 million USDC that were minted on the Oasis Emerald blockchain with only 10.6 million $USDT and $10.2 million USDC.

The gap was massive in these two assets. Other assets existed in the bridge that were overcollateralized in contrast.

EvoDefi offers a wide suite of DeFi products including DEX's. ValleySwap on the Oasis Emerald network. According to rugdoc the EvoDeFi team decided to mint unbacked USDT and deposit user funds into the anchor protocol in order to be able to offer high APRs on Valleswap. This strategy backfired with the downfall of the Terra Ecosystem.

The bridge had to be paused and questions regarding missing funds could not be addressed appropriately by the team.

Block Data Reference

EvoDeFi Bridge address:

https://bscscan.com/address/0x9983d8cd…396add

Incident Report

Protocol / Project EvoDeFi Bridge
Date of Incident
Attack Technique Other
Classification Bridge
Primary Source View Post-Mortem #1 View Post-Mortem #2

Protocol Information

Protocol Type Canonical Bridge
Official Website evodefi.com/
Protocol Twitter/X @evolution_bsc
Team Anonymous
Source Code Unverified

Market Context at Time of Hack

Token Categories
DeFi Interoperability Governance Solana Ecosystem Cross-Chain Intent
Protocol Links
GitHub Discord

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.

Technical Knowledge Deep understanding of other and Solidity and EVM internals
Capital Required Seed capital to cover gas and initial position setup
On-Chain Access Ability to interact with smart contracts and deploy a custom exploit contract
Protocol Analysis Identification of the exploitable vulnerability in EvoDeFi Bridge's contract logic - root cause: bridge
Execution Speed Precise transaction ordering and timing to exploit the vulnerability within a single atomic block
Obfuscation Plan A strategy to launder and move stolen funds - typically through mixers, cross-chain bridges, or decentralized DEX swaps to resist tracing

What Auditors Should Check

Could this have been caught in audit? Likely — with a thorough Other audit checklist and test coverage

If you're auditing a protocol with similar architecture to EvoDeFi Bridge, these are the critical security checks that could have prevented this incident (June 2022).

  • Verify all logic paths related to Other 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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