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DeFi Platform CoW Protocol Loses Over 550 BNB in Contract Exploit

Decentralized finance (DeFi) protocol CoW Swap has suffered a smart contract exploit, leading to the loss of approximately 551 BNB ($181,600).

According to reports, the attacker added a wallet address as a “solver” of CoW Swap and invoked a transaction to approve DAI transfers to SwapGuard before moving the assets to other addresses.

Blockchain surveyor MevRefund first noticed the attack in the early hours of today. The maximal extractable value (MEV) searcher tweeted that CoW Swap’s funds were being moved, adding that the protocol’s SwapGuard feature had been granted allowance and allowed anyone to make “arbitrary function calls.”

Within an hour, blockchain security firm PeckShield revealed that CoW Swap’s GPv2Settlement contract was tricked ten days ago, approving SwapGuard for DAI spending.

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