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Belt Finance Exploit

  • Project: Belt Finance
  • Exploit_type: Flash Loan & Oracle Manipulation
  • Loss: ~$6.3 million
  • Entry_point: BeltBUSD vault strategy and price oracle logic
  • Exploit_vector: Flash loan attack manipulating PancakeSwap pool pricing to exploit vault withdrawal mechanism
  • Severity: Critical
  • Attack_steps:
    • Attacker took a large flash loan from PancakeSwap in multiple stablecoins.
    • Swapped tokens across various liquidity pools to manipulate the price ratio used in Belt Finance’s oracle.
    • Deposited manipulated assets into the BeltBUSD vault, locking in an inflated share price.
    • Immediately withdrew from the vault, receiving more assets than deposited.
    • Repeated the attack across multiple stablecoin vaults (BUSD, USDT, USDC, DAI).
    • Repaid the flash loan and retained ~$6.3M in profit.
  • Impact: Vault funds drained across multiple stablecoin strategies, user funds indirectly affected
  • Exploitability: High
  • Root_cause: Oracle read spot price from manipulable DEX pools without time-averaging or resistance
  • Resource:Link