{"id":468709,"date":"2025-03-07T12:48:36","date_gmt":"2025-03-07T12:48:36","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=468709"},"modified":"2025-03-07T12:48:36","modified_gmt":"2025-03-07T12:48:36","slug":"1inch-hit-by-5-million-exploit-in-outdated-smart-contract","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/1inch-hit-by-5-million-exploit-in-outdated-smart-contract\/","title":{"rendered":"1inch hit by $5 million exploit in outdated smart contract"},"content":{"rendered":"

Blockchain security firm SlowMist has reported that DeFi aggregator 1inch<\/a> suffered an exploit in its resolver smart contract, resulting in losses exceeding $5 million.<\/p>\n

On March 7, SlowMist founder Yu Xian revealed<\/a> that attackers drained approximately 2.4 million USDC<\/a> and 1,276 Wrapped Ethereum (WETH) from the affected smart contract.<\/p>\n

He clarified that regular users were largely unaffected, but resolvers utilizing the outdated Fusion v1 framework bore the brunt of the attack.<\/p>\n

1inch confirms breach<\/h2>\n

On March 6, 1inch acknowledged<\/a> the exploit, stating that the vulnerability was discovered in certain resolver smart contracts a day earlier.<\/p>\n

The team confirmed that only resolver contracts running the obsolete Fusion v1 implementation were impacted. They reassured users that their funds remained secure, with losses limited to affected resolvers.<\/p>\n

Following the incident, 1inch launched efforts to assist impacted resolvers in securing their systems. The platform also urged all resolvers to audit and update their contracts to prevent further attacks.<\/p>\n

Resolvers play a crucial role in the 1inch ecosystem. These automated algorithms assess which orders to fulfill and act as market makers, providing liquidity to 1inch swappers.<\/p>\n

Although the platform did not disclose specific financial losses, it has introduced a bug bounty program to gather more insights into the incident.<\/p>\n

The program offers rewards between $100 and $500,000. At the time of writing, 1inch received 58 submissions and paid $200 in bounties.<\/p>\n

1Inch ecosystem growth<\/h2>\n

Despite these setbacks, 1inch remains a dominant player in the DeFi sector, according to Messari's<\/a> latest report<\/a>.<\/p>\n

The report noted that 1inch facilitated 38.2% of all DEX volume routed through aggregators on supported blockchains during the fourth quarter of 2024.<\/p>\n

However, its market share dropped by 10% quarter-over-quarter as competitors Odos and CoWSwap gained traction.<\/p>\n

Nevertheless, 1Inch's decentralized exchange (DEX) trading volume surged by 104% quarter-over-quarter, rising from $493.5 billion to $1.09 trillion.<\/p>\n

The Aggregation Protocol, responsible for routing most trades on 1inch, recorded a 37% increase in daily average volume, reaching $369.7 million in Q4.<\/p>\n

Ethereum<\/a> led as the dominant blockchain for 1inch transactions, accounting for 66% of the Aggregation Protocol's volume.<\/p>\n

The Coinbase<\/a>-backed Base emerged as the second-largest chain with an 11% market share, surpassing Arbitrum<\/a>, which dropped from 14% to 10%. These three networks contributed 87% of the platform's total volume.<\/p>\n","protected":false},"excerpt":{"rendered":"

Blockchain security firm SlowMist has reported that DeFi aggregator 1inch suffered an exploit in its resolver smart contract, resulting in losses exceeding $5 million. On March 7, SlowMist founder Yu Xian revealed that attackers drained approximately 2.4 million USDC and 1,276 Wrapped Ethereum (WETH) from the affected smart contract. He clarified that regular users were […]<\/p>\n","protected":false},"author":720,"featured_media":468712,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46940,77968,16041],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\n1inch hit by $5 million exploit in outdated smart contract<\/title>\n<meta name=\"description\" content=\"DeFi leader 1inch hit by breach, accelerates security measures with bug bounty program and community audits.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/1inch-hit-by-5-million-exploit-in-outdated-smart-contract\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"1inch hit by $5 million exploit in outdated smart contract\" \/>\n<meta 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