Ribbon Finance Hack

Reported loss $351K
Ethereum
Phishing

What happened

On June 24, 2022, attackers hijacked the DNS records for ribbon.finance and pointed the domain at a fake copy of the Ribbon app. Ribbon later said a Namecheap agent handling its domain had been compromised. CertiK's write-up says the attacker got in despite strong passwords, 2FA and alerts on the account, and suppressed the security notifications.

The fake site kept Ribbon's look but wired its buttons to attacker contracts. Per CertiK, the fake addresses matched the real ones in their first and last four characters. Users who deposited through it sent funds to the attacker, not to Ribbon's vaults. Ribbon's reimbursement proposal (RGP-21, July 13, 2022) counts three affected users and total losses of 16.5 WBTC, 123.7 rETH and 83.1 stETH, about $540,000 at the time of the post. The 16.5 WBTC loss alone was reported at around $400,000 on the day. This was a front-end compromise, not a bug in Ribbon's vault contracts.

Namecheap's CEO declined to compensate the victims, and Ribbon moved the domain to a different provider. RGP-21 asked the DAO to choose between no reimbursement, 50% from the treasury, or 100% from the treasury with half paid in RBN vested over six months. Convex Finance was hit by a DNS hijack through Namecheap the same day.

Previously published on-chain references for the WBTC theft:

  • Scammer: 0xb73261481064f717a63e6f295d917c28385af9aa
  • Contract creator: 0x47832f5505847b6e1cce802201c55ad885146fc6
  • Malicious contract: 0x65a8ec2c367a2d60efc1944c6eab614d73453b2f
  • 16.5 WBTC transfer: 0xd09057f1fdb3fa97d0ed7e8ebd8fd31dd9a0b5b61a29a22b46985d6217510850

How it happened

  1. The attacker gained access to the ribbon.finance domain through a compromised Namecheap agent and changed its DNS records.
  2. Visitors to ribbon.finance were served a cloned Ribbon interface whose actions pointed at attacker-controlled contracts with look-alike addresses.
  3. Three users deposited through the fake app and lost 16.5 WBTC, 123.7 rETH and 83.1 stETH.
  4. Ribbon regained the domain, moved it off Namecheap, and put reimbursement from the DAO treasury to a governance vote (RGP-21).

Protocol details

Classification Yield Aggregator / Frontend & Infrastructure
Protocol Type Options Vault
Affected asset / contract RBN
Protocol links Website @ribbonfinance

Security review history

Understand the attack patterns

Build your security review skills

Work through hands-on labs covering real exploit mechanics, review techniques, and defensive patterns.