Summary

No user funds lost. A critical vulnerability was discovered in Primitive Finance smart contracts that would allow all funds to be stolen from Primitive Finance users according to their token allowances. There were 88 potential victims, most with infinite approvals for important tokens, such as WETH or DAI, and with overall holdings of well over $10M. $1.3M of these funds were vulnerable at the same time, the rest only when/if converted to WETH, DAI, or other approved tokens.

Risk to user funds was eliminated via a pre-emptive whitehack by the Primitive Finance team and its war room.

Timeline of…

Primitive

Permissionless options protocol. Built on Ethereum.

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