Behind the $26.44 Million Theft: Truebit Protocol Contract Vulnerability Analysis
Author: enze & Lisa Edit: 77 Background Due to the lack of overflow protection in integer addition operations when calculating the amount of ETH required to mint TRU tokens, the price calculation resulted in an abnormal zero value, allowing the attacker to mint a large number of tokens at near-zero cost and drain the contract's reserves.
Root Cause On January 8, 2026, the Truebit Protocol suffered an attack, where the attacker exploited a contract vulnerability to profit approximately 8,535 ETH (about $26.44 million). The following is a detailed analysis of this incident by the SlowMist Security Team.
SlowMist's CISO 23pds was invited to participate in the Web3 Leaders Program public class sharing
From January 2 to January 4, the Web3 Leaders Program (Phase II) launched by the Global Financial Technology Institute (GFI) in collaboration with HashKey Group and the Frontier Technology Research Institute (FTI) was successfully held in Hong Kong. On January 3, SlowMist's CISO 23pds was invited to participate in the public class sharing, engaging in in-depth discussions with several guests and students from traditional finance, blockchain, and frontier technology fields regarding the security challenges and risk governance issues during the development process of Web3.
In this public class, 23pds focused on the theme of (The Cost of Trust: The Past and Present of Cryptocurrency Security), systematically sorting out the evolution of Web3 security issues based on years of blockchain security research and real case handling experience, and analyzing from the perspectives of attackers and users why trust is frequently abused in the crypto world, as well as how industry participants should establish long-term and sustainable security awareness.
Slow Fog Production | 2025 Blockchain Security and Anti-Money Laundering Annual Report
Due to space constraints, this article only lists key content from the analysis report, and the complete content can be downloaded via the PDF at the end.
I. Overview In 2025, the blockchain industry continues to evolve rapidly, with the macro financial environment, regulatory uncertainties, and the intensity of attacks compounding to significantly complicate the security situation throughout the year. Specifically, hacker organizations and underground crimes are highly specialized, with North Korean-related hackers frequently active. Information theft trojans, private key hijacking, and social engineering phishing have become primary attack methods. Additionally, DeFi permission management and Meme issuance have repeatedly caused significant losses, while RaaS/MaaS servitization has lowered the threshold for crime, enabling attackers without technical backgrounds to quickly execute attacks. Meanwhile, underground money laundering systems are maturing, with Southeast Asian scam clusters, privacy tools, and mixing facilities forming multi-layered funding channels. In terms of regulation, countries are accelerating the implementation of AML/CFT frameworks, and multiple cross-border law enforcement actions have improved on-chain tracking and asset freezing efficiency. Regulation is gradually shifting from targeted strikes to systematic containment, and the legal boundaries of privacy protocols are being redefined, increasingly distinguishing between technical attributes and criminal uses.
SlowMist Q4 Tracking Record: Assisting Stolen Clients in Freezing/Recovering Millions of Dollars in Funds
Since the launch of the stolen form submission feature by SlowMist (MistTrack), we have received a large number of requests for help from victims every day, hoping that we can provide assistance in tracking funds and recovery, including some victims who have lost tens of millions of dollars. Based on this, this series aims to analyze and summarize the stolen assistance received each quarter, with the goal of dissecting common or rare malicious techniques through real cases that have been desensitized, helping industry participants better understand and prevent security risks to protect their assets. According to statistics, the MistTrack Team received a total of 300 stolen forms in Q4 2025, including 210 domestic forms and 90 overseas forms, and we provided free assessment community services for these forms. (Ps. This data only pertains to cases submitted through forms and does not include cases contacted via email or other channels)
Christmas Heist | Analysis of Trust Wallet Extension Wallet Being Hacked
Background At midnight Beijing time today, @zachxbt posted a message in the channel stating that "some Trust Wallet users reported that funds in their wallet addresses were stolen in the past few hours." Subsequently, Trust Wallet's official X also released a statement confirming that the Trust Wallet browser extension version 2.68 has security risks, reminding all users using version 2.68 to immediately disable that version and upgrade to version 2.69.
Technical Strategies After receiving intelligence, the Slow Fog Security Team promptly began analyzing the relevant samples. Let's first look at the core code comparisons between the previously released versions 2.67 and 2.68:
Author: Jiu Jiu Proofread by: Kong Edited by: 77 Introduction Decentralized perpetual contracts replicate high-leverage derivatives trading on-chain through 'shared liquidity' and 'oracle pricing' mechanisms. Unlike AMM spot trading, perpetual contract systems involve complex margin calculations, dynamic profit and loss adjustments, and liquidation games. A slight logical deviation—whether from rounding price precision or delays in oracle updates—can lead to the protocol being insolvent or user assets being wiped out. This manual aims to deconstruct the core architecture of such systems, analyze risk scenarios, and provide a practical audit checklist for smart contract security auditors or blockchain security researchers.
From Selection to Implementation: The Practice and Achievements of MistTrack in Hong Kong Cyberport's Blockchain and Digital Asset Pilot Program
Recently, as several authoritative media outlets in Hong Kong have successively published reviews and summaries of the first phase results of the "Blockchain and Digital Asset Pilot Funding Scheme" by Cyberport, the blockchain anti-money laundering tracking system MistTrack, independently developed by SlowMist and one of the shortlisted projects, has also received further recognition for its practical achievements in the field of digital asset security and compliance.
https://dw-media.tkww.hk/epaper/wwp/20251211/b01-1211.pdf Progress and Milestones of MistTrack Application
The "Blockchain and Digital Asset Pilot Funding Scheme" was officially launched in June this year, aiming to support exemplary and high-impact blockchain and digital asset applications in testing and implementation in real environments. The program has received enthusiastic responses, with over 200 applications submitted, of which only 9 projects were successfully shortlisted, involving asset scales exceeding 120 million Hong Kong dollars. The Director of Blockchain and Digital Assets at Cyberport, Li Yizheng, stated that nearly half of the shortlisted pilot products have successfully commercialized or are preparing for commercialization, demonstrating the program's significant effectiveness in promoting the implementation of innovative applications. Among them, SlowMist has been explicitly listed as a representative project for the "Digital Asset Security and Compliance Tool."
Cointelegraph Report: SlowMist Founder Cos Discusses the Core of On-Chain Security — Speed and Collaboration
Recently, the globally renowned blockchain media Cointelegraph published a special report titled (Meet the onchain crypto detectives fighting crime better than the cops), focusing on on-chain detectives and researchers in the crypto security industry. Cos (余弦), the founder of SlowMist, was one of the interviewees, sharing the team's handling processes in major security incidents, product system, and observations on the industry's security landscape.
Speed is the top priority for safety In the interview, Cos introduced SlowMist's standardized incident response mechanism. He pointed out that on-chain attacks typically have characteristics of "rapid spread, broad cross-chain impact, and very short windows," thus the response speed almost determines the upper limit of the final losses from the incident. "As soon as an incident occurs, we immediately activate the command center, aiming to quickly track, control, and issue alerts." In the command center environment, the team quickly divides tasks based on the attack path, such as on-chain tracking, infrastructure analysis, domain risk assessment, and secondary attack monitoring. As the incident progresses, trusted project parties, exchanges, partner teams, and victims will gradually join in to share intelligence, synchronize actions, while strictly controlling the risk of information leakage. Cos also admitted that professional security teams must take the lead in the early stages of an incident: "The involvement of law enforcement agencies is relatively slow; they need time to collect evidence, while attacks can cause significant losses in just a few minutes, so we need speed and must act before greater losses occur." This also explains why security teams in the industry often bear the earliest and heaviest response pressures.
$9 Million Stolen: Yearn yETH Pool Vulnerability Analysis
Author: Jiu Jiu & Lisa Editor: 77 Background
On December 1, 2025, the well-established decentralized yield aggregation protocol Yearn was attacked, resulting in a loss of approximately $9 million. Below is a detailed analysis by the Slow Fog Security Team regarding this attack incident:
Root Cause In Yearn's yETH Weighted Stableswap Pool contract, the logic of the function that calculates the supply (_calc_supply) used an unsafe mathematical operation approach, which allowed for overflow and rounding errors during calculations. This resulted in significant deviations when calculating the new supply and the product of the virtual balance, ultimately enabling the attacker to manipulate liquidity to a specific value and mint an unexpected amount of LP tokens for profit.
Beware of Solana Phishing Attacks: Wallet Owner Permissions Modified
Author: Lisa & Johan Editor: 77 Background Recently, we received a request for help from a user who encountered a phishing attack on that day. The user discovered unusual authorization records in their wallet and attempted to revoke the authorization but was unable to complete the process. They provided the affected wallet address 9w2e3kpt5XUQXLdGb51nRWZoh4JFs6FL7TdEYsvKq6Wb. Through on-chain analysis, we found that the ownership rights of the user's account had been transferred to the address GKJBELftW5Rjg24wP88NRaKGsEBtrPLgMiv3DhbJwbzQ. Furthermore, the user has had assets worth over 3 million USD stolen, and an additional 2 million USD worth of assets are held in a DeFi protocol but cannot be transferred (currently, assets worth approximately 2 million USD have been successfully rescued with the assistance of the related DeFi).
US, UK, and Australia Jointly Target Russian Cybercrime Infrastructure Media Land and Aeza Group
Author: 77 Editor: 77 On November 19, 2025, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), the Australian Department of Foreign Affairs and Trade (DFAT), and the UK Foreign, Commonwealth & Development Office (FCDO) jointly announced a new round of sanctions against several Bulletproof Hosting (BPH) service providers and related individuals in Russia. The reason is their support for cybercrime activities, including ransomware. The main targets of the sanctions include key figures from Media Land and its affiliated entities, as well as key members of Aeza Group and related shell companies. (https://home.treasury.gov/news/press-releases/sb0319)
Report Interpretation | MSMT Releases "DPRK's Activities Violating and Evasion of UN Sanctions through Cyber and Information Technology Workers"
Recently, the Multilateral Sanctions Monitoring Team (hereinafter referred to as "MSMT") published a report titled "DPRK's Activities Violating and Evasion of UN Sanctions through Cyber and Information Technology Workers." This report systematically outlines the full picture of the Democratic People's Republic of Korea (DPRK) utilizing cyber capabilities, information technology workers, and cryptocurrency activities to evade UN sanctions, steal sensitive technology, and raise funds. This article will summarize the core content of the report to help readers quickly grasp the development trends and changes in methods of DPRK's cyber threats, thereby enhancing awareness and prevention capabilities against complex cybersecurity threats.
MistTrack wins HKICT Awards 2025 FinTech Gold Award, setting a new benchmark for on-chain compliance
On November 21, the award ceremony for the 2025 Hong Kong Information and Communication Technology Awards (HKICT Awards 2025), organized by the Office of Digital Policy of the Hong Kong Special Administrative Region Government, was grandly held at the Hong Kong Convention and Exhibition Centre. SlowMist's blockchain anti-money laundering tracking system MistTrack won the Gold Award in the FinTech category (Regulatory Technology: Regulation and Risk Management).
SlowMist partner & CPO—Keywolf was invited to attend the ceremony and delivered an acceptance speech, witnessing this moment together with guests from the government, regulatory agencies, and the financial industry.
This award not only affirms the technical capabilities and practical application value of MistTrack, but also reflects the achievements of SlowMist's years of deep cultivation in the field of blockchain security and anti-money laundering, while providing strong support for the compliant development of Hong Kong's financial technology and digital asset industry.
Three Parties Stand Together: NOFX AI Trading System Vulnerability Defense
Background With the rising popularity of AI large model trading competitions, more and more crypto communities and developers are starting to experiment with AI-driven automated trading, and many open-source solutions are being rapidly put to use. However, these projects are not without security risks.
NOFX AI is an open-source cryptocurrency futures automated trading system based on DeepSeek/Qwen AI, supporting exchanges such as Binance, Hyperliquid, and Aster DEX. The Slow Mist security team received initial intelligence from @Endlessss20, suspecting that the system could lead to leaks of exchange API Keys, and thus began a security analysis.
U.S. Targets North Korean Cryptocurrency Money Laundering Network: Several Bank Officials and Multiple Financial Institutions Affected
Author: 77 & Lisa Editor: 77 On November 4, 2025, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced a new round of sanctions against several North Korean bank officials and financial institutions, freezing all assets of 8 individuals and 2 entities within the U.S. or controlled by U.S. persons. These individuals and entities are accused of raising funds for the North Korean regime through cybercrime, information technology (IT) labor fraud, and other means to support its nuclear and missile programs.
Event Review | SlowMist Appears at the 10th Hong Kong Fintech Week 2025
On November 3, the '10th Hong Kong Fintech Week 2025', co-hosted by the Hong Kong Financial Services and the Treasury Bureau, the Hong Kong Commerce and Economic Development Bureau, and the Hong Kong Invest Hong Kong, and jointly organized by the Hong Kong Monetary Authority, the Hong Kong Securities and Futures Commission, and the Hong Kong Insurance Authority, was grandly inaugurated at the Hong Kong Convention and Exhibition Centre.
As one of the world's leading fintech events, this year's Fintech Week is themed 'Driving the New Era of Fintech', attracting over 37,000 attendees from more than 100 economies, approximately 800 speakers, over 700 exhibiting organizations, and more than 30 international and mainland Chinese delegations, further confirming Hong Kong's strong appeal and innovative vitality as a global fintech hub.
Accumulated Feathers Sink the Boat - Analysis of Balancer's Over $100 Million Hack
Author: Kong & Lisa Editor: 77 Background On November 3, 2025, the established decentralized automated market maker protocol Balancer v2 was attacked, resulting in losses of approximately $120 million across multiple projects, including its forked protocols, on several chains, exacerbating the already struggling DeFi ecosystem. Below is a detailed analysis of this attack event by the Slow Mist security team: Root Cause In the implementation of Composable Stable Pool of Balancer v2 (based on Stable Math of Curve StableSwap), there is a precision loss issue in the integer fixed-point operations of scaling factors, leading to small but compounding price differentials/errors during token exchanges. Attackers exploit this error by making small exchanges under low liquidity to amplify the discrepancies for significant cumulative profits.
Meeting in Hong Kong | SlowMist will showcase at Hong Kong FinTech Week and multiple Web3 industry events
In November 2025, Hong Kong will become the global focus for FinTech and Web3. As a threat intelligence company focusing on blockchain ecosystem security, SlowMist will showcase at Hong Kong FinTech Week and multiple Web3 industry events, sharing the latest research findings and practical experiences around key topics such as blockchain security, compliance risk control, and anti-money laundering (AML). Hong Kong FinTech Week 2025 x StartmeupHK Entrepreneurship Festival Hong Kong FinTech Week 2025 x StartmeupHK Entrepreneurship Festival will be grandly held from November 3 to November 7 at the Hong Kong Convention and Exhibition Centre. As Hong Kong's premier innovation and technology event, Hong Kong FinTech Week 2025 x StartmeupHK Entrepreneurship Festival is jointly organized by the Hong Kong Financial Services and the Treasury Bureau, the Hong Kong Commerce and Economic Development Bureau, and the Hong Kong Trade Development Council, with co-organizers including the Hong Kong Monetary Authority, the Securities and Futures Commission, and the Insurance Authority. The event, themed 'Driving the New Era of FinTech', is expected to attract over 37,000 participants from more than 100 economies, 800 speakers, and over 700 exhibiting organizations to discuss the future landscape and development opportunities of FinTech.
Is Move secure? Typus permission validation vulnerability
Author: Johan & Lisa Editor: 77 On October 16, the DeFi project Typus Finance on the Sui chain was attacked by hackers, and the official report has been released thanking the Slow Mist security team for their assistance in investigation and tracking:
(https://medium.com/@TypusFinance/typus-finance-tlp-oracle-exploit-post-mortem-report-response-plan-ce2d0800808b) This article will deeply analyze the reasons for this attack and discuss the characteristics of permission control in Sui Move smart contracts. Detailed explanation of the attack steps We analyze the first attack transaction: https://suivision.xyz/txblock/6KJvWtmrZDi5MxUPkJfDNZTLf2DFGKhQA2WuVAdSRUgH