FatMan on Twitter: "It's tough, all of this has made me quite jaded from crypto. We need to fight harder to stop bad actors from invading our space & must call out negligence/incompetence when we see early warning signs.… https://t.co/RBiP3jDbC8"

@FatManTerra

FatMan from the Terra Research Forum I provide research, updates, and analysis on the Terra situation as it unfolds. Views are my own opinions.

fatmanterra.eth

Joined May 2022

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FatMan‏ @FatManTerra May 26

Here is the address for your perusal. https://etherscan.io/address/0xdb886bf718fbf354eb4202b03ad13b1cafb01276 … I was able to map this address to a Terra wallet via bridge tracing, and it had some large and interesting transactions, so I decided to dig in. Here's the Terra wallet. https://finder.terra.money/mainnet/address/terra1200zm8crgjaj949ta8r7p6pay0qq638js4sdmh … (8/12)

3 replies 10 retweets 145 likes

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FatMan‏ @FatManTerra May 26

Two coffees later, as I was about to give up, I found this. Hold on... What's going on here? A single transaction from October 2021 unlocking one position over and over again - and it actually executed. Here's the transaction: https://finder.terra.money/mainnet/tx/08DD2B70F6C2335D966342C20C1E495FD7A8872310B80BAF3450B942F79EBC1F … (9/12)pic.twitter.com/lklZHIYQqV

16 replies 42 retweets 249 likes

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FatMan‏ @FatManTerra May 26

The lock contract didn't check that the funds were sent from the mint contract, so the attacker opened a position with $10 in collateral (!) and send $10k directly to the lock contract. They could then loop-unlock others' collateral over and over again from the contract. (10/12)

1 reply 13 retweets 171 likes

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FatMan‏ @FatManTerra May 26

In one transaction, the attacker turned $10,000 into $4,300,000. This was actually done several times, generating a total of well over $30m. All of this went completely unnoticed by TFL and the Mirror team & community. This is the first time this attack has been revealed. (11/12)

14 replies 58 retweets 380 likes

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FatMan‏ @FatManTerra May 26

And that's how with a little bit of luck and a lot of research, I found out about one of the greatest yet most simple smart contract exploits in blockchain history that went under the radar for almost a year. Who did this? I have no idea, but I'll try to find out. (12/12)

11 replies 24 retweets 327 likes

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FatMan‏ @FatManTerra May 26

PS. They tried hard to obfuscate their cashouts on Ethereum, but we're looking for them, and I hope we find them eventually. My team of researchers and I are hard at work - you can hide IRL, but the blockchain never forgets.pic.twitter.com/RHpE5u4hn2

26 replies 54 retweets 570 likes

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FatMan‏ @FatManTerra May 26

Afterthought: I just realized that the attacker siphoning out tens of millions over the year is probably why @ApertureFinance users and Mirror shorters couldn't withdraw the other day - there was no new 'bug' - the Mirror developer team really should have disclosed this...

25 replies 29 retweets 316 likes

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Delicious_wine‏ @WineDelicious May 27

Replying to @FatManTerra @ApertureFinance

Whats worse man, Mirror got over 90% for security at @DefiSafety ! Hows that possible???

1 reply 0 retweets 1 like

FatMan‏ @FatManTerra May 27

Replying to @WineDelicious @ApertureFinance @DefiSafety

Negligence

1 reply 0 retweets 3 likes

Delicious_wine‏ @WineDelicious May 27

Replying to @FatManTerra @ApertureFinance @DefiSafety

Yeah, but how can normal person that engage on DeFi at all? I specifically dared to invest in Mirror because it was safe according to @DefiSafety and then you I read this. I mean amazing work by you, but it makes me question this whole concept of "DeFi"".

2 replies 0 retweets 0 likes

FatMan‏ @FatManTerra May 27

Replying to @WineDelicious @ApertureFinance @DefiSafety

It's tough, all of this has made me quite jaded from crypto. We need to fight harder to stop bad actors from invading our space & must call out negligence/incompetence when we see early warning signs.

2:56 PM - 27 May 2022

11 Likes

1 reply 0 retweets 11 likes

1. One‏ @MamtaNarang May 28
  Replying to @FatManTerra @WineDelicious and
  
  Easier said than done but there must be Crypto Police. (I don't think so the concept of having police for crypto is laughable.) Given only 0.3% of world population is dealing with crypto: scams and rugpulls are way higher proportionately.
  Thanks. Twitter will use this to make your timeline better. Undo
  
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