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Chain Audits detailed the unaudited contract as containing a backdoor vulnerability. This loophole allowed the company owners to withdraw funds.
Key Notes
BaseBros Fi disappears, deleting its website and social media, leaving users stranded.An unaudited smart contract allowed the BaseBros team to steal over $130,000 in funds.Blockchain investigators confirm Seamless protocol was not impacted by the BaseBros rug pull.Yield optimization decentralized finance (DeFi) protocol BaseBros Fi has suddenly vanished into thin air, leaving users in a state of shock. The protocol, built on the Base blockchain, disappeared from the internet on Friday, September 13, making away with users’ funds through an unaudited smart contract.
On the day, BaseBros deleted all the accounts that represented its business. Those include its official website and social media accounts on X and Telegram platforms. Just before their exit from the scene, the BaseBros was already boasting over 2,000 followers on X and more than 3,300 members on Telegram.
Attention came to the move after it was first noticed by blockchain security firm Chain Audits, who had previously audited some BaseBros smart contracts. According to Chain Audits, the move by the DeFi project bears semblance to typical rug pulls. Unfortunately, it may have omitted the particular contract used to facilitate the bad act in its previous audits.
BaseBros Rug Pull Could Have Been Avoided, Audit Firm Claims
Per the audit firm, the BaseBros project used five smart contracts. Of the lot, it had already audited four. Sadly, however, the particular one that was unaudited was the one that the team behind the project used to gain control and drain the ecosystem funds.
Chain Audits detailed the unaudited contract as containing a backdoor vulnerability. This loophole allowed the company owners to withdraw funds and deposit the same into the ‘Strategy’ contract.
Meanwhile, it has been widely speculated that the BaseBros rug pull may have also impacted directly on the Seamless protocol. However, new revelations that the Seamless protocol simply had similar contract labeling may have debunked those claims.
Blockchain investigator Cyvers has also shed more light on the BaseBros attack, claiming that the bad actor succeeded in stealing about $130,000 through the crypto mixing service Tornado Cash.
Seamless also carried out its own internal investigation. Following this, it announced to its users that the protocol remains free from any such attacks and investors’ funds are safe.
Without a doubt, DeFi hacks have been happening at an alarming rate recently. While Euler Finance lost about $195 million to this type of hack in March, Penpie is another protocol, whose attacker made away with $27 million more recently.
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Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
