How much was lost in the Pike V1 hack?

The Pike V1 hack resulted in $1.6M in losses on April 30, 2024.

What attack technique was used in the Pike V1 exploit?

The Pike V1 exploit utilized Storage Misalignment Exploit. Understanding this attack vector is critical for smart contract auditors and developers building secure DeFi protocols.

How can developers prevent similar smart contract attacks?

Preventing smart contract hacks requires a combination of secure coding practices, thorough security audits, and understanding common attack vectors like reentrancy, oracle manipulation, and access control flaws. Smart Contract Hacking (SCH) provides hands-on training to help developers and auditors identify and prevent vulnerabilities before deployment.

Pike V1 Hack

TOTAL LOST $1.6M

Medium Apr 30, 2024 Storage Misalignment Exploit arbitrum ethereum optimism

Affected Chain arbitrum 3 chains affected

Recovered - No recovery reported

All-Time Rank #717 By amount stolen

Protocol Type Lending Target category

Incident Overview

Pike is a universal liquidity market optimized for native assets

Incident Report

Protocol / Project Pike V1

Date of Incident April 30, 2024

Affected Chain(s) arbitrum ethereum optimism

Attack Technique Storage Misalignment Exploit

Classification Protocol Logic

Primary Source View Post-Mortem

Protocol Information

Protocol Type Lending

Smart Contract Language Solidity

Official Website www.pike.finance/

Protocol Twitter/X @PikeFinance

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 storage misalignment exploit and Solidity and EVM internals

Capital Required Seed capital to cover gas and initial position setup

On-Chain Access Ability to interact with arbitrum, ethereum, optimism smart contracts and deploy a custom exploit contract

Protocol Analysis Identification of the exploitable vulnerability in Pike V1'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

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

If you're auditing a protocol with similar architecture to Pike V1, these are the critical security checks that could have prevented this incident (April 2024).

Verify all logic paths related to Storage Misalignment Exploit 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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Sources & References

01
Source 1 https://twitter.com/PikeFinance/status/1785572875124330644

Threat Assessment

Severity Level

MEDIUM

Attack Vector Storage Misalignment Exploit
Root Cause Protocol Logic
Year 2024

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