Breaking: SuperRare Staking Contract Hit by $730K Exploit—$RARE Token Unscathed

The NFT market SuperRare’s UncommonStakingV1 contract was exploited, permitting attackers to empty 11.9M RARE tokens.

Importantly, the vulnerability didn’t compromise the underlying $RARE token contract or its core functionalities. SuperRare’s exploited UncommonStakingV1 contract was a part of the platform’s staking and curation initiative launched in August 2023.

The Uncommon Protocol was launched as an answer to a persistent drawback within the NFT house: high quality curation and creator discovery. By means of its Curation Staking mechanism, individuals use the native $RARE token to stake on artists, be part of their Group Swimming pools, and obtain rewards when these artists make gross sales.

SuperRare Staking Contract Exploit Origin: Defective Permission Test in updateMerkleRoot

In response to the alert from Web3 safety agency Blockaid and menace intelligence platform MistEye, the exploit stemmed from a flawed permission examine within the “updateMerkleRoot” perform inside the UncommonStakingV1 contract.

The perform was designed to limit updates to the Merkle Root, which verifies staking and rewards claims. Nonetheless, the code didn’t implement this, letting anybody modify the Merkle Root and declare tokens.

Because of this, any tackle might go verification and make unauthorized claims.

Blockaid reported that the exploit unfolded in two steps: first, the attacker deployed an exploit contract. Earlier than the attacker might execute their exploit, one other tackle noticed the pending transaction and front-ran it within the following block, efficiently draining the funds. Cyvers confirmed this front-running occasion and traced the unique attacker’s funding to Twister Money about 186 days earlier.

Nonetheless, additional analysis revealed that the attacker is likely to be “an active DeFi farmer,” because the tackle has interacted with a number of platforms, together with Pendle, Uniswap, Odos, Reservoir, and Morpho.

Notably, the funds, valued at roughly $731,000, stay within the attacker’s contract and haven’t been moved or laundered via exchanges or mixing companies.

As of now, SuperRare has not launched a autopsy or detailed remediation plan.

First Exploit After NFT Market Roars Again with $1B Revival

This exploit comes because the NFT sector begins to point out indicators of resurgence. After a protracted market droop, the NFT house added over $1 billion in worth in simply 24 hours, with buying and selling volumes hovering 287% to $37.4 million.

This resurgence is carefully tied to Ethereum’s ongoing rally, with ETH gaining 55% over the previous month and momentarily hitting $3,814, its highest worth since December 2024. As a result of many NFTs are priced in ETH, its bullish momentum has revitalized purchaser curiosity and pushed up flooring costs throughout high collections.

CryptoPunks and Pudgy Penguins have emerged as frontrunners on this restoration. CryptoPunks noticed a 16% rise in flooring worth to 47.5 ETH (roughly $179,000), producing $14 million in gross sales over 24 hours. Pudgy Penguins adopted carefully, pulling in $5.7 million in each day buying and selling quantity and a 15% enhance in flooring worth.

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