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The Hope Finance Project Experiences a Rug Pull: A Blockchain Security Analysis

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On February 21, according to the Beosin EagleEye security risk monitoring, early warning and blocking platform monitoring of Beosin, a blockchain security audi…

The Hope Finance Project Experiences a Rug Pull: A Blockchain Security Analysis

On February 21, according to the Beosin EagleEye security risk monitoring, early warning and blocking platform monitoring of Beosin, a blockchain security audit company, the Hope Finance project Rug Pull. The Beosin security team found that the attacker (0xdfcb) used the multi-signature wallet (0x1fc2) to execute the transaction of modifying the router address of the TradeHelper contract, so that when the GenesisRewardPool contract used the openTrade function for borrowing and lending, it called the TradeHelper contract SwapWETH function for swap, and did not swap through the original sushiswap router, but directly sent the incoming token to the attacker (0x957d) to gain profits. The attackers withdrew about $1.8 million twice.

Beosin: The attacker executed the transaction of modifying the router address of the TradeHelper contract by using the multi-signature wallet

Interpretation of the news:


The Beosin EagleEye security monitoring platform recently notified the public that a rug pull occurred on February 21st, affecting the Hope Finance project. Beosin, a blockchain security audit company, identified the attacker (0xdfcb) and traced the origins of the attack to the multi-signature wallet (0x1fc2). Attackers use a multi-signature wallet to manage transactions that require multiple users to approve them, making them more complex and secure. In this case, however, the attackers modified the router address of the TradeHelper contract, enabling them to profit from the incoming tokens.

The attacker exploited a vulnerability in the GenesisRewardPool contract’s openTrade function, which allowed them to gain access to the TradeHelper contract’s SwapWETH function. This breach, in turn, allowed them to bypass the original sushiswap router and directly send incoming tokens to themselves, resulting in a profit of nearly $1.8 million.

This sophisticated attack demonstrates the importance of security measures in the cryptocurrency sector, including blockchain security audits, real-time monitoring, and early warning systems. The fact that the attackers were able to gain access to Hope Finance’s system speaks to a potential lack of security protocols and highlights the necessity for increased security measures to prevent future rug pulls.

In conclusion, the security breach at the Hope Finance project reflects the need for a proactive approach to blockchain security. Companies should pursue cybersecurity and blockchain security auditing services to help them identify and deal with vulnerabilities in their systems. Additionally, this incident highlights the importance of industry-wide collaboration to develop better security protocols and reduce risks for investors and developers alike.

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