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The Gains Network, with a Total Value Locked (TVL) of $20.29 million, has been a significant player in the DeFi space since its launch in May 2023, boasting a staggering $25 billion in derivatives trading volume. However, a report from Zellic dated April 19 revealed a critical vulnerability within one of its protocol forks, enabling attackers to exploit the system effortlessly.
Two critical bugs discovered in a fork of the Gains Network leveraged trading protocol could have allowed traders to profit 900% on every trade
An attacker could have placed a limit buy order with an arbitrarily high open price to automatically win every trade, the Zellic security platform discovered.
Get ahead of the next leg higher in crypto by tapping into these overlooked projects within the growing Web3 and metaverse ecosystem.
The altcoins market has recently witnessed a resurgence of interest and confidence, primarily driven by the largest cryptocurrency, Bitcoin (BTC). This renewed enthusiasm has resulted in a bull uptrend, with most of the top 100 cryptocurrencies benefiting from Bitcoin's resurgence.
Gains Network, initially released on Polygon and later on Arbitrum, allows users to trade financial derivatives of cryptocurrencies, foreign exchange and commodities by matching buy-sell orders using smart contracts.
Crypto tracking account @lookonchain has spotted a "Smart Money" wallet that made a healthy profit on their GMX and GNX coins within less than an hour.
Trading volumes on Gains Network deployed on Arbitrum reached $230 million in the past 24 hours alone, data shows.
