ICYMI: Hacker drains $1.4 million worth of ETH from NFT lender Omni
in the Omni protocol. Reentrancy is a known vulnerability in projects coded with Solidity that allows a rogue actor to force its smart contract to make an external call to an untrusted contract. This external call is executed before the original function and can thus be used to repeatedly re-enter the protocol to drain its liquidity.
The attacker then exploited the reentrancy vulnerability by withdrawing all but one of the NFTs deposited as collateral. This actiona malicious callback function to the benefit of the attacker. This function allowed the hacker to use the borrowed funds to buy even more Doodles before liquidating the loan position.
The attacker then used the Doodles acquired with the initial loan as collateral to borrow more WETH. Omni, however, did not recognize this new debt position, so the hacker could withdraw the NFTs without paying back the loan.
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