ParaSwap Hack

TOTAL LOST $300K
Low Improper Access Control ethereum
Affected Chain ethereum Incident surface
Recovered - No recovery reported
All-Time Rank #1392 By amount stolen
Year 2024 Incident year

Incident Report

Protocol / Project ParaSwap
Date of Incident
Affected Chain(s) ethereum
Attack Technique Improper Access Control
Classification Access Control

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 Operational-security tradecraft (phishing, malware, leaked seed phrases, or insider access) to obtain treasury signing authority
Capital Required Minimal capital - only enough to cover gas while draining the compromised accounts
On-Chain Access Valid signing authority over the compromised wallets / multisig signers, allowing direct transfer of funds or stake authorization
Target Reconnaissance Identification of ParaSwap's high-value treasury accounts and the authority / multisig structure controlling them
Execution Speed Speed to drain the compromised accounts before the team detects the breach and revokes signing authority or freezes the assets
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 Improper Access Control audit checklist and test coverage

If you're auditing a protocol with similar architecture to ParaSwap, these are the critical security checks that could have prevented this incident (March 2024).

  • Verify all logic paths related to Improper Access Control are guarded by proper access controls and input validation - see the Access Control Attacks attack class for patterns
  • 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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Related Attack Classes

The technique used in this hack maps to these vulnerability classes in our security curriculum:

See all Access Control Attacks examples →

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