Reentrancy Smart Contract Attacks Examples
- DAO Hack: The DAO (Decentralized Autonomous Organization) smart contract was a decentralized investment fund built on the Ethereum blockchain. An attacker discovered a vulnerability in the DAO smart contract that allowed them to repeatedly call the “split” function, which allowed investors to withdraw their funds from the DAO before the contract had a chance to update the internal balances. The attacker was able to use this vulnerability to repeatedly call the split function and drain the DAO of approximately $50 million worth of Ether (ETH).
- Lendf.me Protocol: Lendf.me is a decentralized lending platform built on the Ethereum blockchain. In 2019 an attacker discovered a vulnerability in the smart contract that allowed them to repeatedly borrow and repay the same loan over and over again, while also manipulating the price of the underlying assets to increase the amount of the loan. The attacker was able to exploit this vulnerability to borrow and repay a single loan multiple times, stealing more than $350,000 worth of cryptocurrency assets from the platform.
- Cream Finance: Cream Finance is a DeFi platform that allows users to lend and borrow assets. In 2020 an attacker discovered a vulnerability in the smart contract that allowed them to repeatedly borrow and repay the same loan over and over again, while also manipulating the price of the underlying assets to increase the amount of the loan. The attacker was able to exploit this vulnerability to borrow and repay a single loan multiple times, stealing more than $30 million worth of cryptocurrency assets from the platform.
- BurgerSwap: BurgerSwap is a decentralized exchange built on the Binance Smart Chain. In 2021 an attacker discovered a vulnerability in the smart contract that allowed them to repeatedly borrow and repay the same loan over and over again, while also manipulating the price of the underlying assets to increase the amount of the loan. The attacker was able to exploit this vulnerability to borrow and repay a single loan multiple times, stealing more than $2 million worth of cryptocurrency assets from the platform.
- SurgeBNB: SurgeBNB is a decentralized exchange built on the Binance Smart Chain. In 2021 an attacker discovered a vulnerability in the smart contract that allowed them to repeatedly borrow and repay the same loan over and over again, while also manipulating the price of the underlying assets to increase the amount of the loan. The attacker was able to exploit this vulnerability to borrow and repay a single loan multiple times, stealing more than $30 million worth of cryptocurrency assets from the platform.
- Siren Protocol: Siren Protocol is a decentralized finance platform built on the Ethereum blockchain. In 2021 an attacker discovered a vulnerability in the smart contract that allowed them to repeatedly borrow and repay the same loan over and over again, while also manipulating the price of the underlying assets to increase the amount of the loan. The attacker was able to exploit this vulnerability to borrow and repay a single loan multiple times, stealing more than $30 million worth of cryptocurrency assets from the platform.
Reentrancy Attack in Smart Contracts
Reentrancy attack in solidity repeatedly withdraws funds from the smart contract and transfers them. The article focuses on discussing Reentrancy Attacks in Smart Contracts. It occurs when a function makes an external call to another untrusted contract. The article focuses on discussing reentrancy attacks in smart contracts.
The following topics will be discussed here:
- What is a Reentrancy Attack?
- Example of Reentrancy Attack
- How Does Reentrancy Attack Work?
- Types of Reentrancy Attack
- Reentrancy Smart Contract Attack Examples
- Is the Reentrancy Attack Still a Significant Problem?
- How to Protect Smart Contracts Against a Reentrancy Attack?
Let’s start discussing each of these topics in detail.