How to become a millionaire in 24 hours with 6 cents on Solana

Six cents, the beginning of fortune – Launched in April 2019, Solana quickly became a flagship blockchain in the decentralized finance ecosystem. This is positioned in fifth place among DeFi blockchains by accumulating more than 4 billion dollars in TVL. However, all is not rosy for Solana.

A fault discovered on Solana

What if it was possible to create money out of nothing? This sweet dream has come true for this team of developers who found a juicy flaw in a library used by Solana.

Thus, on April 26, the teams of researchers from Ottersec published a report on their surprising discovery.

It all started when Parth, one of the researchers, was developing a tool to calculate the price of different tokens on Solana based on the SOL, for an arbitrage bot.

“So either my chart research is wrong or it’s possible to make a ton of money out of nothing.” »

By analyzing the results, he realizes that in some cases, it is possible to generate profits from scratch.

Unsurprisingly, he begins to delve deeper to understand his find. Quickly, he realizes that the phenomenon only affected stable pairs.

This tipped him off and Parth started dissecting the library code. spl-token-swap responsible for managing swaps between tokens. Bingo! Parth finds the function that might be problematic and identifies a hazardous approximation in it.

Neither one nor two, he develops a program to check if his findings are accurate.

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6 cent millionaire

To test the flaw, he is developing a program that will exchange small amounts of sBTC to renBTCand vice versa.

After letting his program run for some time, the result was final. Thus, at launch, the program was endowed with 154 sBTC and 2325 renBTC. After a while, this one now had 22,790 sBTC and 27,825 renBTC, which is a gain of 48,136 tokens.

Result of the flaw test program on Solana.

In practice, each transaction allows the potential attacker to obtain approximately 6 cents per transaction. At a rate of 200 transactions per second, that’s $12 per second, $720 per minute and enough to become a millionaire in 24 hours.

Fix for the flaw

Obviously, following these discoveries, the Ottersec teams contacted those of Solana to reveal the flaw to them.

At the same time, they also contacted all the protocols using the library containing the flaw.

All of these projects were able to fix the bug in the shortest possible time.

“This is a good example of how having fun and interacting with the ecosystem can lead to unexpected bugs. We discovered this, not as a result of active security research, but through our work on SRM and exchanges. »

Unfortunately for Solana, this is not the first time such a flaw has been discovered. In effect, a similar flaw put nearly $2.6 billion at risk last December.

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