Reddio's RedSonic Vault Exploited for $22,940 on Ethereum
Reddio's RedSonic Vault on Ethereum was exploited, resulting in a loss of approximately $22,940. The attacker utilized a flash loan to manipulate the vault's share price and redeem excess assets.
Reddio's RedSonic Vault on the Ethereum blockchain was exploited, leading to a loss of about 9.25 ETH, equivalent to approximately $22,940. The incident occurred after the attacker permissionlessly registered an stETH vault, allowing the same stETH to be counted in both the ETH vault and the stETH vault simultaneously.
The mechanism of the exploit involved the use of a flash loan, which enabled the attacker to inflate the rsvETH share price. By doing so, they were able to redeem excess ETH from the vault. Following this, the attacker redeemed rsvstETH to recover the same stETH, effectively executing the exploit.
This incident highlights the vulnerabilities present in the vault's design and the potential for manipulation through flash loans. The on-chain record indicates that the exploit was executed on the Ethereum chain, where the transactions can be traced back to the involved addresses.