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Whitehat hacker Saves 25,000 ETH From Vulnerable Ether Smart Contract

ETH

On the 24th of September, a whitehat hacker published a detailed report on rescuing 25,000 ETH. The whitehat hacker and blockchain security researcher saved the ETH worth over $9.6 million from a vulnerable Ethereum smart contract.

The report titled “Escaping the Dark Forest,” said:

“On September 15, 2020, a small group of people worked through the night to rescue over 9.6M USD from a vulnerable smart contract….”

As revealed in the report, samczsun often looks through Ethereum smart contracts in search of vulnerabilities. While doing this, he found the contract holding the Ether and also discovered it was part of Lien Finance’s protocol.

In an effort to save the fund, samczsun tried several ways to contact Lien Finance Protocol. Eventually, he noticed they had worked with ConsenSys Diligence and CertiK for an audit. The white hacker immediately contacted Maurelian, the co-founder of ConsenSys Diligence on Telegram. Unfortunately, Maurelian was not available to reply at the time.

However, ConsenSys security researcher Alexander Wade and Ethereum security specialist Scott Bigelow joined samczsun’s rescue operation. During the seven hours of the undercover operation, the rescue team was able to bring members of CertiK and SparkPool on the operation with the help of Tina Zhen. Also, they were able to contact Lien Finance.

After hours of a joint effort by the team, the post revealed:

“The Lien team was now in possession of enough SBT+LBT tokens to liquidate their entire system….”

Following this possession, the Lien Finance team was left to exchange the SBT and LBT tokens for ETH through the burn function. Shortly after the transaction, Etherscan reported it as successful transaction. 

Image Credits: Pixabay

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