Jun 6, 2024

Floor protocol was attacked due to a Parallel Finance vulnerability, costing 20 BAYCs or $950,000!

It all began when Floor Protocol announced its v2 transition, prompting major liquidity providers to withdraw their assets and leading to "thin pools".

After announcement, there is almost no liquidity on the platform, leading to extremely high APYs in the pools.

The attacker took advantage of the lack of liquidity and used first wallet to push down the Oracle price.

First wallet - "0x2A92bFdA06f56d95e0756deEE005CE203d7C0337"

Then used his second wallet to borrow a large $μBAYC loan from ParallelFi and μBAYC tokens were immediately redeemed into BAYCs throw Floor Protocol.

Second wallet - "0xDA05f6e8ECdaC56b7A208EAf000fABEB4b001949"

Afterward, the CEO of Floor Protocol suggested it was a "white hacker," noting the involved wallets had numerous links to exchanges like Binance and Kraken. He requested contact via Etherscan Message on Twitter, but received no response.

Team also enlisted SlowMist to investigate, leading to the discovery of the attacker’s old Twitter account.

They also offered a 5000 USDT reward for finding his new Twitter account.

The attacker's old Twitter handle: @baycaytw.

Also, the tone of the team's messages abruptly shifted from kind and positive to threatening, warning of legal action if he did not respond within 48 hours on Twitter.

We will keep you updated on this situation in our profile MetaverseSG.

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