Ethereum-based DeFi protocol SIR.trading, also known as Synthetics Implemented Right, has been hacked, resulting in the loss of its entire total value locked (TVL) — $355,000 at the time of the attack.
The March 30 hack was initially detected by blockchain security firms TenArmorAlert and Decurity, both of which posted warnings on X to alert users of the protocol.
The protocol’s founder, known only as Xatarrer, described the hack as “the worst news a protocol could received [sic],” but suggested the team intends to try to keep the protocol going despite the setback.
Source: SIR.trading on X
“Clever attack” targeted contract vault
Decurity described the hack as a “clever attack” that targeted a callback function used in the protocol’s “vulnerable contract Vault” which leverages Ethereum’s transient storage feature.
According to Decurity, the attacker was able to