Incident Overview
Voyager crypto platform filed for bankruptcy, revealing it had more than 1,000,000,000 $USD in liabilities. The Voyager stock price dropped over 12% as filing for Chapter 11.
Voyager crypto platform filed for bankruptcy for Chapter 11. The platform had between 1,000,000,000 and 10,000,000,000 $USD in liabilities according to the filing. All operations on the platform were halted, after revealing it had 661,000,000 $USD exposure to Three Arrows Capital, a crypto hedge fund that failed to meet margin calls and eventually filed for bankruptcy as well.
The Voyager stock plunged roughly 12%.
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 Voyager, these are the critical security checks that could have prevented this incident (May 2022).
- Verify all logic paths related to Other 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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