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A security flaw in a smart contract allowed an attacker to steal $5 million from decentralized exchange (DEX) aggregator 1inch
$0.2227
.
The breach targeted resolvers—entities responsible for executing trades. 1inch detected the vulnerability on March 5, identifying that the issue stemmed from the old Fusion v1 implementation. The platform publicly disclosed the problem in a March 6 post on X.
By March 7, SlowMist, a blockchain security firm, confirmed in a post on X, “According to our analysis, this incident resulted in a loss of 2.4 million USD Coin
$1.00
and 1276 Wrapped Ethereum
$2,153.35
, totaling over $5 million”.
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While the stolen funds belonged to resolvers running outdated contracts, 1inch assured that individual users’ assets remained untouched. “No end-user funds were at risk—only resolvers using Fusion v1 in their own contracts”, the platform stated.
In response to the incident, the platform urged all resolvers to review and update their contracts:
We’re actively working with affected resolvers to secure their systems. We urge all resolvers to audit and update their contracts immediately.
To prevent similar exploits, 1inch introduced bug bounty programs to identify security gaps and explore ways to recover the stolen assets.
On February 12, zkLend, a decentralized lending protocol on Starknet, lost $4.9 million in a security breach. How did hackers pull it off? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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