A Smart Contract is a self-executing contract with the terms of the agreement directly written into code. These contracts run on a blockchain, automatically executing actions when predefined conditions are met. They facilitate, verify, and enforce the negotiation or performance of a contract without the need for intermediaries.
Context
Smart Contracts are foundational to decentralized applications (dApps) and decentralized finance (DeFi), with current discussions focusing on their security, upgradeability, and the development of more sophisticated functionalities. Analysts are examining the impact of new smart contract languages, audit methodologies, and the increasing complexity of on-chain logic on the security and utility of the blockchain ecosystem.
This research establishes a formal theory of Maximal Extractable Value, providing a rigorous abstract model for understanding and mitigating blockchain economic attacks.
A publicly exposed flash loan function and state-modifying query vulnerability allowed unauthorized asset drainage, posing a critical risk to protocol integrity.
A critical vulnerability in unaudited smart contract code, maliciously deployed by an insider, enabled unauthorized state modifications and flash loan exploitation, leading to significant asset drain.
A sophisticated flash loan and validator key compromise on Shibarium Bridge enabled a multi-million dollar asset drain, highlighting critical cross-chain security vulnerabilities.
Sophisticated phishing bypassed multi-sig security by disguising malicious approvals, leading to a $3M asset drain and highlighting advanced social engineering risks.
An internal developer's unauthorized code deployment with critical flash loan and state modification vulnerabilities led to a significant $2.6 million protocol compromise.
A critical lapse in code review and deployment protocols allowed a rogue developer to introduce state-modifying vulnerabilities, leading to significant asset exfiltration.
A meticulously crafted phishing campaign exploited multi-signature wallet approval mechanisms, enabling the unauthorized transfer of significant digital assets.
This research establishes a rigorous, abstract theory of MEV, enabling formal security proofs against economic attacks that exploit transaction ordering.
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