The hacker used a flaw in its smart contract that showed released NFT as available for collateral to be used for borrowing.
In a quick-paced development, XCarnival, describing itself as a Metaverse Asset Bank, lost over 3,087 ETH to a hacker and negotiated the return of half of the funds less than 24 hours after the incident.
Exploiting a flaw in its smart contract, the attacker used a Bored Ape Yacht Club NFT, which was already withdrawn after being pledged, as collateral to borrow from the platform. The same transaction was repeated several times until a watchdog alerted XCarnival, which promptlyby blockchain security and data analytics company PeckShield. The initial amount used for the attack was 120 ETH that the hackers withdrew from Tornado Cash, PeckShield said.
Subsequently, the watchdog provided more details in a series of tweets as to how the hack was pulled off. “The hack is made possible by allowing a withdrawn pledged NFT to be still used as the collateral, which is then exploited by the hacker to drain assets from the pool,” it
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