Incident Overview
Solend protocol was exploited by oracle manipulation. The protocol has suffered 1,260,000 $USD in bad debt.
Solend is a decentralized lending and borrowing protocol. Oracle manipulation exploits happened on the protocol, resulting in a loss of 1,260,000 $USD. COIN98, Stable, and Kamino pools were affected and have been disabled right after the incident.
COIN98 Pool:
https://solscan.io/account/5twXA9pwa6P3pmKz5NRiviffgGT1bqmf5d1dXVxJL895
Stable Pool:
https://solscan.io/account/HZ75yaVXYA4buymgZhzkLoPPyWyRGskg6hWTgkcnsWwL
Kamino Pool:
https://solscan.io/account/6e72R9KbYrc1RZiXd6ToF7fMyjGLrAf2itqApQyWGWWn
Incident Report
Protocol Information
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 Solend, these are the critical security checks that could have prevented this incident (November 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 TrialRelated Attack Classes
The technique used in this hack maps to these vulnerability classes in our security curriculum:
Sources & References
Learn to Prevent the Next Solend
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