BaseBros Fi, a yield-optimizing decentralized finance ( DeFi ) protocol on the Base blockchain, has suddenly disappeared from the internet after committing fraud by stealing users' investment funds through an unaudited smart contract.
On September 13, BaseBros deleted its official website and social media accounts on X and Telegram. Blockchain security firm Chain Audits, which audited several BaseBros smart contracts, found that the DeFi project pulled a rug through “an unaudited and unverified Vault contract.”
BaseBros had around 2,000 Watcher on X and over 3,300 members on Telegram just before he disappeared.
Source: X
Chain Audits said it audited four of the five smart contracts of the BaseBros project, adding:
“Unfortunately, the contract that facilitates the rug pull (Vault Contract) is not within the scope of our audit and is not verified on the blockchain.”
This unaudited contract contains a security vulnerability, allowing the company owner to withdraw funds deposited into the 'Strategy' contract.
Source: X
The rug pull was initially believed to have affected the Seamless protocol due to similar contract labels. According to blockchain investigator Cyvers, the attackers withdrew $130,000 in stolen funds via the Tornado Cash cryptocurrency mixing service.
Source: X
Seamless conducted an internal investigation and confirmed that the protocol and investor funds were safe from any attack. Chain Audits also confirmed that BaseBros Fi was the only protocol affected, and the lost funds came from multiple pools.
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According to Cointelegraph
