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Beosin EagleEye Discovers Rug Pull in Hope Finance Project

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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…

Beosin EagleEye Discovers Rug Pull in Hope Finance Project

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 risk monitoring, early warning, and blocking platform have discovered a significant attack on the Hope Finance project. According to Beosin, a blockchain security audit company, the attack was carried out through a Rug Pull, a fraudulent technique that involves a sudden selloff of tokens and draining of liquidity from a decentralized finance (DeFi) project.

During the attack, the attacker with address 0xdfcb used a multi-signature wallet with address 0x1fc2 to execute a transaction that modified the router address of the TradeHelper contract. Consequently, the GenesisRewardPool contract used the openTrade function for borrowing and lending, calling the TradeHelper contract SwapWETH function for swap, and did not go through the original sushiswap router. Instead, the incoming token went directly to the attacker’s address 0x957d, which allowed them to steal funds from the platform.

The attacker managed to withdraw around $1.8 million twice from the platform, posing a significant risk to investors’ funds. The attack was carried out through exploiting the loopholes in the decentralized finance (DeFi) platform’s system, stealing funds from unsuspecting investors.

Beosin EagleEye, a blockchain security audit company, provided early warning, risk monitoring, and blocking platform services to mitigate such attacks. By identifying the attack early on, Beosin EagleEye can help investors avoid significant losses that rug pulls and other DeFi attacks often cause.

The Hope Finance project has taken necessary measures to address the attack to prevent a recurrence. Overall, the attack on Hope Finance is a reminder of the inherent risks and vulnerabilities in the decentralized finance (DeFi) platforms. Investors need to be vigilant and take precautions when investing in DeFi platforms, including conducting thorough research and continually monitoring their investments.

In conclusion, Beosin EagleEye’s discovery of this Rug Pull in the Hope Finance project underscores the importance of blockchain security audit companies in ensuring the security of investors in the DeFi space. The attack on Hope Finance serves as a warning to both investors and DeFi platforms about the risks of such attacks and the crucial role played by risk monitoring platforms in identifying and blocking them.

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