Incident Overview
The Summer Money protocol was exploited via a flash loan attack, resulting in losses of approximately $350,000 USD.
The Summer Money protocol was exploited on the Base L2 blockchain, resulting in losses of approximately $350,000 USD. The attacker utilized an unverified contract for the attack, executing a flash loan of 150 ETH and 645,000 USDC to deposit into Summer ETH and USDC wrapper contracts. This created an opportunity to withdraw an additional 10 wrapped Coinbase Ethereum and 310,000 USDC tokens.
Exploiter:
https://basescan.org/address/0xbb344544…5e7e77
Flashloan tx:
https://basescan.org/tx/0x619c44af…3a4661
Exploiter contract:
https://basescan.org/address/0x13d27a2d…fe9fe7
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 Sumer.Money, these are the critical security checks that could have prevented this incident (April 2024).
- Verify all logic paths related to Flash Loan Attack are guarded by proper access controls and input validation - see the Flash Loans 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.
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
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