Not so Sturdy, after all.
Sturdy Finance has lost ~$800k to a price manipulation exploit.
The Ethereum-based lending protocol offers leverage for yield farmers who deposit staked assets as collateral.
We are aware of the reported exploit of the Sturdy protocol. All markets have been paused; no additional funds are at risk and no user actions are required at this time.
Is this issue really still causing problems?
The attack used a flash loan to target the (unfortunately named) SturdyOracle and return a manipulated price of collateral token (B-stETH-STABLE).
BlockSec provided the following step-by-step:
Attacker’s Address: 0x1e8419e724d51e87f78e222d935fbbdeb631a08b
Attack Tx: 0xeb87ebc0…
The 442 ETH ($800k) profit was immediately deposited into Tornado Cash, completing the laundering just 20 minutes after being funded from the same source.
This read-only reentrancy vulnerability has been seen in a number of attacks over the last year.
A February post on Balancer forums noted how some Balancer pools are also susceptible to the attack vector, with the specific pools targeted in today’s attack listed as vulnerable.
Let’s hope that, in the future, we’ll be building on Sturdy-er foundations.
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