Vow Currency

Quick Summary

On August 13, 2024, Vow, a decentralized discount voucher issuer, suffered an exploit leading to a potential collapse of its
native token VOW, with losses amounting to $1.2 million.




Details of the Exploit

The vulnerability occurred during the testing of a rate setter function, which altered the amount of vUSD received per VOW token
from 1 to 100. The testing period lasted only 15 to 30 seconds, but within that time, a bot managed to acquire 20 million VOW
tokens valued at $6.6 million. The bot then swapped these tokens on Uniswap V2 for 452 ETH, equivalent to $1.23 million. In
response, Vow increased the token's burn rate to 50% to reduce the circulating supply back to normal levels.




Block Data Reference

Exploiter:

https://etherscan.io/address/0x48de6bf9e301946b0a32b053804c61dc5f00c0c3

Example of exploit tx:

https://etherscan.io/tx/0x4b439b82c8878644cd809cfafa6e5c056518a54ea4df098eb1fed9d1cce5ca5f