Reach out and get your arm eaten – If a good part of the malefactors exploiting the cryptocurrency craze are simple ponzi scammerssome no shortage ofingenuity to insinuate itself into the slightest small fault which would emerge. This is the case of our Arsène Lupine 3.0 of the day, who managed to enrich himself by making perdre 81 ethers (ETH) gas fees to the platform FTX. Yet the fault did not really come from the exchange.
He maliciously takes advantage of the generosity of FTX
The crypto stock market FTX generously offers its users pay transaction fees on the network Ethereum. Some smart guy found a way to exploit the situation because of the broadcast of the new token XEN.
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A cybersecurity analyst from X-explore spotted this ride and publish a report. On October 10, 2022, the attacker deploys a smart contract on the Ethereum blockchain. He then transferred from FTX’s hot wallet (via his user account) multiple small amounts of ethers. About 0.0035 ETH each time, or about $4.50.
Because the particularity of the new XEN token is to be issued as long as transaction fees of the underlying blockchain are paid. Unfortunately, the exchange did not detect that it was creating (mint) XEN tokens for the attacker. Apparently it could be simple withdrawals.
According to the analysis of X-explore, the smart little one would have collected « more than 100 million XEN tokens ». For its part, the platform of Sam Bankman-Fried would have lost for 81 ETH gas costs. At the current price, this represents more than 105 000 dollars.
Some other estimates, such as that of BlockSeceven speaks of more than 100 ethers diverted to create XEN tokens. It will take more to destabilize a growing giant like FTXbut it shows how much the slightest point of weakness can be quickly detected and exploited by pirates. Even if it is, as here, a problem caused by an external element at the exchange.
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