Panoptic V1.1 Hack

TOTAL LOST —
base ethereum unichain

Summarize with AI

ChatGPT Perplexity Claude Grok
Affected Chain base 3 chains affected
Recovered - No recovery reported
All-Time Rank #2025 By amount stolen
Auditors 1 Prior security audit

Incident Overview

Panoptic is the first on-chain, permissionless options protocol, revolutionizing trading and liquidity provision.

Incident Report

Protocol / Project Panoptic V1.1
Date of Incident
Affected Chain(s) base ethereum unichain
Classification Protocol Logic
Primary Source View Post-Mortem

Protocol Information

Protocol Type Options
Smart Contract Language Solidity
Official Website panoptic.xyz
Protocol Twitter/X @Panoptic_xyz

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 DeFi protocol mechanics and Solidity and EVM internals
Capital Required Seed capital to cover gas and initial position setup
On-Chain Access Ability to interact with base, ethereum, unichain smart contracts and deploy a custom exploit contract
Protocol Analysis Identification of the exploitable vulnerability in Panoptic V1.1's contract logic - root cause: protocol logic
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

Audited by Audit Report 1 — still lost —. Prior audits don't guarantee safety, especially after post-audit code changes.

If you're auditing a protocol with similar architecture to Panoptic V1.1, these are the critical security checks that could have prevented this incident (August 2025).

  • Review privileged functions (owner, admin, governance) for potential abuse vectors - centralization risks should be documented and bounded with timelocks or multi-sigs

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Security Audit History

Sources & References

Learn to Prevent the Next Panoptic V1.1

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