Incident Overview
Float Protocol's pool was exploited via Oracle Manipulation which led to a loss of 1,440,724 $USD.
Float Protocol is a staking and earning platform running on the Ethereum chain. The protocol's Rari 90 pool was exploited via Oracle Manipulation, which allowed the attacker to gain 1,440,724 $USD worth of assets including $FRAX, $FEI, and $DAI. The attack started with 47 $ETH withdrawn from TornadoCash and then used to buy $FLOAT tokens from the UniV3 pool.
The action led to the $FLOAT price being higher than usual, and then Rari 90 pool that uses UniV3 pool as an oracle was exploited. The exploiter returned 250,000 $USDC to the protocol's multisig wallet. The rest of the stolen funds were transferred through TornadoCash.
Attacker address:
https://etherscan.io/address/0xa2ce300c…61a0e5
Malicious transactions:
https://etherscan.io/tx/0x71872e7b…f0fcfe
https://etherscan.io/tx/0x40db7bd8…827248
https://etherscan.io/tx/0xf09c4519…5ecacf
Malicious contract:
https://etherscan.io/address/0x6ceefd33…d9ade0
Return transaction:
https://etherscan.io/tx/0x560c9362…e7bb0e
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 Float Protocol, these are the critical security checks that could have prevented this incident (January 2022).
- Verify all logic paths related to Oracle Issue are guarded by proper access controls and input validation - see the Oracle Manipulation & Price Manipulation attack class for patterns
- Audit oracle price feeds for manipulation risks - ensure time-weighted average prices (TWAPs) or multi-source aggregators are used, not spot prices
- 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 TrialFunds Recovery
Recovered
$250K
Net Loss
1191478
Security Audit History
- Audit Report 1 Report
Related Attack Classes
The technique used in this hack maps to these vulnerability classes in our security curriculum:
Sources & References
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