Incident Overview
The LendHub lending protocol on the Heco network was exploited for about $6M USD.
The vulnerability was in lBSV contract duplication. Both versions of it were active, thus the hacker after depositing to the old version was able to borrow in the new market. It allows the flow of the minting and redemption process to be exploited and brings a profit worth 6M USD.
After that, the attacker started bridging assets to other chains like Ethereum and Optimism.
Scammer address:
https://www.hecoinfo.com/en-us/address/0x9d0163e7…53ab03?tab=Transactions
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 LendHub, these are the critical security checks that could have prevented this incident (January 2023).
- 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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