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1/How @ElevenFinance got hacked? 🧵
The exploit was possible due to a bug in emergencyBurn() function of ElevenNeverSellVault.
There is a transfer of previously deposited funds during the function call, but there is a lack of burning of Nerve shares to account for the transfer
The exploit was possible due to a bug in emergencyBurn() function of ElevenNeverSellVault.
There is a transfer of previously deposited funds during the function call, but there is a lack of burning of Nerve shares to account for the transfer
2/ In other words, an attacker could double-spend Nerve shares he acquired during initial deposit to the vault.
emergencyBurn() didn’t burn 11NRV Tokens so an attacker used them in “withdrawAll()” to get additional LP Tokens in return.
emergencyBurn() didn’t burn 11NRV Tokens so an attacker used them in “withdrawAll()” to get additional LP Tokens in return.
3/ He burned LP Tokens on PancakeSwap getting the underlying tokens.
After repaying the FlashSwap, attacker was left with funds from burning second time the 11NRV Tokens.
This was done on multiple vaults on ElevenFinance, marking a total loss of $4.5M.
After repaying the FlashSwap, attacker was left with funds from burning second time the 11NRV Tokens.
This was done on multiple vaults on ElevenFinance, marking a total loss of $4.5M.
