The founding father of the recent decentralized financial protocol sir.
“Here is my proposal, keep 100,000 US dollars as a fair proportion on your critical error and provides back the remaining ones,” wrote the pseudonymous founding father of Sir.trading “Xatarrer” in an onchain message on March 31 to the attacker after the 355,000 dollar -hack on March thirtieth.
“We even call it. No legal games, no drama,” they added.
Xatarrer said that Sir.trading was built on the back of 4 years of the last coding and $ 70,000 by friends and believers without additional enterprise capital financing.
“We have grown organically without promoting to 400,000 US dollars. If you retain 100% of the funds, we’ve no likelihood of survival.”
Xatarrer even praised the hacker for the subtle hack and explained that it was “almost nice if it was impossible for all of the funds that folks lost”.
Source: sir.trading
The hacker has not answered and has already transferred the stolen funds to the Ethereum Privacy Solution Railgun, in line with the information of the Ethereum Block Explorer Etherscan.
Xatarrer initially said on March 30 that the sir. -Strading team intended to maintain the protocol into operation despite the setback. “We have already began to plan our next steps. Those affected by the hack is not going to forget,” says March 31.
Hack resulted from the function that was added to the Dencun upgrade of Ethereum
The hacker aimed toward a return function that was utilized in the “endangered contract vault” of the protocol, which uses the temporary memory function of Ethereum.
The hacker has managed to switch the Real Uniswap Pool address utilized in this return function with an address under the control of the hacker, in order that they’ll redirect the funds within the secure to their address by recalling the back ruff function until your entire total total value of the protocol has been closed.
The temporary memory function was added as an answer in March 2024 within the Dencun upgrade in March 2024 to supply users lower gas fees which can be often required for normal storage.
The documentation of Sir.trading shows that it was charged as “a brand new defi protocol for the safer leverage” as a way to address a number of the challenges that always occur when trading – reminiscent of volatility decay and liquidation risks.
It comes when crypto fell against exploits and fraudsters to $ 28.8 million in March, the blockchain security company Certik announced in a post on March 31. Around 4.8 million US dollars were deducted from this number after Hacker, who were involved within the 1 -inch resolver incident, had returned the stolen funds.
Crypto Exploits and Scams had certainly one of the worst months in February, which was listed with the 1.4 billion dollar -Bit -hack.
