The attacker ultimately profited by about $912,000, consisting of funds stolen from 42DAO, the entity that runs the Balance protocol.
42DAO's Balance Coin algorithmic stablecoin crashes after $912,000 theft
Balance Coin, a small algorithmic stablecoin built on BNB Chain, lost its dollar peg and crashed to fractions of a cent after an attacker successfully exploited a flaw in its pricing logic. The attacker was able to trick the system into accepting an incorrectly low bitcoin price, which they then used to drain multiple vaults used by the project's lending protocol.
Allbridge exploited for $1.66 million
The Allbridge blockchain bridge was exploited for $1.66 million in a flash loan attack. The attacker took advantage of a flaw in the project's logic that reprices assets against one another, after discovering that the same would happen even when borrowing an asset against collateral denominated in the same token. They were able to manipulate the project's internal pricing logic so that the asset's actual price diverged away from reality, pocketing $1.66 million in proceeds.
Ostium loses at least $24 million to oracle exploit
![A circle overlaid with ][ symbols, followed by "Ostium" in orange capitals](https://primary-cdn.web3isgoinggreat.com/entryImages/logos/resized/ostium_300.webp)
Decentralized perpetual futures exchange Ostium was drained of at least $24 million after an attacker manipulated its oracle system — a system that pulls in off-chain price data. After the attacker apparently gained access to the private key used to sign oracle messages, they were able to submit future-dated oracle reports that tricked the system into thinking trades were profitable.
The attacker siphoned at least $24 million USDC from the protocol, which they quickly swapped into ETH and laundered via Tornado Cash.
Bonzo Lend exploited for $9 million in oracle attack
The Hedera-based decentralized lending platform Bozno Lend was exploited for just over $9 million after an attacker took advantage of a flaw in the project's oracle system. The attacker was able to deposit tokens worth only a few dollars, then manipulate the project's oracle to reflect a dramatically higher price. They then borrowed $6.63 million in USDC and 34.5 million wrapped HBAR (~$2.4 million).
Bonzo has announced they will reimburse users affected by the exploit, with support from the Hedera Foundation.
Summer Finance exploited for $6 million, shuts down
Summer Finance, a defi platform that provides "institutional defi vault infrastructure", was exploited for $6 million in an apparent flash loan attack. The attacker used a flash loan to deposit $64.8 million and then withdraw $70.9 million, taking advantage of a price manipulation bug that allowed them to withdraw more than they deposited.
Shortly after the exploit, Summer Finance announced it had "no viable path forward other than to wind down operations". They added, "a meaningful portion of the team's own capital was held in the affected vaults, removing the runway we needed to rebuild."
- "Lazy Summer USDC Vault Exploit Post-Mortem: What Happened and What Comes Next", Summer Finance
- "Sunsetting Summer.fi and the Labs Company", Summer Finance
Highly active MEV bot known as jaredfromsubway.eth drained for $7.7 million
On blockchains like Ethereum, a strategy known as "MEV" (short for "maximal extractable value") allows intermediaries to profit from manipulating the structure of blocks added to the chain — often reordering or "sandwiching" transactions in ways that extract profits. Automated software known as MEV bots make a business out of this strategy, and one of the most active is a bot called jaredfromsubway.eth — likely so named after one-time Subway spokesman and convicted sex offender Jared Fogle because of its strategy of "sandwiching" transactions by placing trades on both sides, causing the original trader to pay more.
On June 20, an attacker used a series of contracts to cause the bot to grant token approvals that were later used to drain 4,427 ETH ($7.7 million). Some of the funds were then laundered through Tornado Cash.
Aztec Connect hacked for a second time in less than a week
Three days after Aztec Labs' deprecated Aztec Connect blockchain bridge was exploited for $2.1 million, the project has been hacked again for the same amount. Aztec Labs confirmed the second exploit, again trying to emphasize that the code was deprecated four years ago.
The hacks are part of a spate of exploits targeting legacy smart contracts belonging to projects including Raydium and DxSale. Although some projects have developed techniques to circumvent the immutable nature of blockchains and allow smart contracts to be upgraded or retired, many legacy contracts cannot be changed or shut down, leaving them vulnerable to attack indefinitely.
Deprecated project Aztec Connect exploited for $2.1 million
Aztec Connect, an abandoned defi privacy bridge from Aztec Labs, was drained of $2.1 million after an attacker exploited a bug in the project's smart contracts. Although the project was deprecated three years ago, funds remained in the legacy system. "Aztec Labs holds no admin keys or control over the system; it cannot be paused or upgraded by us," the project posted on social media.
The theft is only the latest in a string of attacks targeting vulnerable legacy smart contracts, many of which cannot be deleted, paused, or changed due to blockchains' immutable nature. Raydium and DxSale are two other platforms that have recently suffered losses due to old, insecure code.
Raydium users lose $1.34 million after legacy smart contract exploited
An attacker exploited a legacy smart contract that had been used by the Raydium Solana DEX before it was deprecated in 2021. Though the contract was unused, there were still funds in the liquidity pools affected by the vulnerable contract. Using fake LP tokens, the exploiter was able to trick an old smart contract with insufficient validation into allowing them to withdraw assets.
Raydium has said it will compensate users who lost funds in the exploit.
RetoSwap users lose $2.7 million to Haveno vulnerability
The RetoSwap decentralized exchange for trading the Monero privacycoin was exploited after an attacker exploited a vulnerability in the Haveno Monero exchange protocol used by the project. Users lost an estimated $2.7 million when their transactions were routed to the attacker's wallet.
Because Monero is a privacycoin, a type of cryptocurrency that obscures transaction details including sender and receiver wallets, it is not feasible to trace the stolen assets.