'Metaverse asset bank' XCarnival_Lab drained of $3.8 million; hackers started returning funds
Attackers managed to get an infinite number of loans using the same high-profile NFT . The protocol was targeted by a"flurry" of transactions initiated by hackers.
Malefactors managed to generate multiple contract addresses, pledge BAYC NFT as collateral, get a loan, immediately withdraw an NFT and repeat this procedure multiple times.As such, hackers borrowed over $3.8 million in Ethereum equivalent with no need to pay the loan back. This became possible due to the vulnerability in the borrowing module codebase.The team promptly reported the issue to cybersecurity and law enforcement agencies.
The main contract as well as deposit and borrowing functions were shut down to prevent XCarnival users from losing their funds. As the attacker was tracked, the negotiations started. By press time, he/she has returned 1,467 Ethers stolen. It should also be noted that initial funds for the attack were transferred out of the Tornado Cash mixer.
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