Incident Overview
The Rikkei Finance project was exploited by a hacker who replaced the main price oracle with a malicious one due to the lack of access measures in SetOracleData, which led to the loss of $1.1M.
Rikkei Finance is a DeFi lending and borrowing protocol and an NFT Marketplace.
The attacker deployed a fake ChainLink contract, taking advantage of the vulnerability to replace the real ChainLink address with a fake one. The attacker created a smart contract that was used to carry out an attack on the project in this transaction:
https://bscscan.com/tx/0xb6601325…3399dd
After creating the contract, the attacker called the function "0x21e85463" which caused a number of transactions to empty the protocol. All the stolen funds were laundered via Tornado.Cash.
Attacker address: https://bscscan.com/address/0x803e0930…c093ab
Attacker contract addresses:
1) https://bscscan.com/address/0xe6df12a9…4e6b5f
2) https://bscscan.com/address/0xa36f6f78…2116f9
Attack transaction: https://bscscan.com/tx/0x93a9b022…687492
Incident Report
Protocol Information
Market Context at Time of Hack
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 Rikkei Finance, these are the critical security checks that could have prevented this incident (April 2022).
- Verify all logic paths related to Oracle Issue are guarded by proper access controls and input validation - see the Oracle Manipulation & Price Manipulation attack class for patterns
- Audit oracle price feeds for manipulation risks - ensure time-weighted average prices (TWAPs) or multi-source aggregators are used, not spot prices
- 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.
Free TrialSecurity Audit History
- Audit Report 1 Report
Related Attack Classes
The technique used in this hack maps to these vulnerability classes in our security curriculum:
Sources & References
- 01
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Learn to Prevent the Next Rikkei Finance
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