Blockchain Security Breach: The Hope Finance Project Rug Pull

02/21/2023 07:45 • Tech Trends • 81 views

On February 21, according to the Beosin EagleEye security risk monitoring, early warning and blocking platform monitoring of Beosin, a blockchain security audit company, the Hope Finance project Rug Pull. The Beosin security team found that the attacker (0xdfcb) used the multi-signature wallet (0x1fc2) to execute the transaction of modifying the router address of the TradeHelper contract, so that when the GenesisRewardPool contract used the openTrade function for borrowing and lending, it called the TradeHelper contract SwapWETH function for swap, and did not swap through the original sushiswap router, but directly sent the incoming token to the attacker (0x957d) to gain profits. The attackers withdrew about $1.8 million twice.

Beosin: The attacker executed the transaction of modifying the router address of the TradeHelper contract by using the multi-signature wallet

Analysis based on this information:

The Beosin EagleEye security risk monitoring and early warning platform recently detected a security breach in the Hope Finance project, which resulted in a rug pull. Beosin is a blockchain security audit company that specializes in identifying security risks and warning against potential blockchain security breaches.

According to the Beosin security team, the attacker (0xdfcb) used a multi-signature wallet (0x1fc2) to execute the transaction of modifying the router address of the TradeHelper contract. This allowed the attacker to intercept incoming tokens from the GenesisRewardPool contract as it used the openTrade function for borrowing and lending. Instead of swapping through the original sushiswap router, the TradeHelper contract then called the attacker’s SwapWETH function, which sent the incoming token directly to the attacker (0x957d), allowing them to gain profits.

The attackers were able to withdraw about $1.8 million twice, which highlights the severity of the blockchain security breach. The rug pull affected not only the Hope Finance project but also the entire blockchain network. Blockchain security breaches can result in the loss of funds and damage the credibility of blockchain projects. This attack highlights the importance of blockchain security audits and risk monitoring to ensure the protection of blockchain networks.

In conclusion, the Hope Finance project rug pull reveals the need for increased blockchain security measures. Blockchain security service providers such as Beosin are crucial in identifying potential security risks and providing early warning of possible blockchain security breaches. As more blockchain projects emerge, the need for blockchain security audits and risk monitoring will only increase to prevent security breaches like the Hope Finance project rug pull.

Overall, the message emphasizes the significance of blockchain security measures and highlights the role of Beosin in detecting blockchain security risks. The title reflects the severity of the attack, while the keywords sum up the essential aspects of the message.

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