ElasticSwap
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 22 → 45. Problems weighed by who is responsible: incidents the subject suffered −16, concerns that are not fraud −16, problems around the subject, caused by others −1.8; legitimacy credit long-running +4. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -16 |
| Incidents it suffered (e.g. hacks) | -16 |
| Problems around it, caused by others | -1.8 |
| Long-running | +4 |
| Sum | 35 |
Score: 45/100 (kept between 0 and 100)
How scoring works →Summary
ElasticSwap was an Avalanche-first AMM protocol specializing in elastic supply tokens, which launched in May 2022 and was exploited in December 2022 for approximately $854,000 via flash loan attacks that exploited an accounting inconsistency between its addLiquidity and removeLiquidity functions. The vulnerability class that enabled the exploit had been identified in a Code4rena security audit conducted ten months earlier but was not adequately remediated before deployment. The protocol recovered approximately 55% of user funds through a bounty program and community vote, but the TIC governance token lost over 70% of its value and the protocol appears to have ceased meaningful activity.
Connected Entities
11 entities · 60 linked investigations- Nomad→mentioned with→Uniswap(65%)
- ZachXBT→mentioned with→Ethereum(70%)
- Nomad Bridge→mentioned with→Uniswap(60%)
- Nomad Bridge→mentioned with→Ethereum(70%)
- ElasticSwap→mentioned with→SushiSwap(60%)
- ElasticSwap→mentioned with→ZachXBT(70%)
- ElasticSwap→mentioned with→Uniswap(60%)
- ElasticSwap→mentioned with→Nomad(65%)
- ElasticSwap→mentioned with→Ethereum(80%)
- ElasticSwap→mentioned with→Arbitrum(60%)
- + 17 more
Connected Through
10 shared actors · 574 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Ethereumorganization
- □ZachXBTorganization
- ⌂Uniswapprotocol
- □Arbitrumorganization
Timeline(10 events)
20 January 2022
Code4rena competitive audit begins for ElasticSwap smart contracts. Auditors identify high-severity vulnerability H-02: direct token transfers to pool contracts can inflate balances and enable value extraction via removeLiquidity.
Code4rena Audit Report26 January 2022
Code4rena audit contest closes. Nine unique vulnerabilities identified including two high-severity findings.
Code4rena Audit Report11 May 2022
ElasticSwap protocol and AMM interface launch on Avalanche with an AMPL liquidity pool. TIC governance token goes live.
ElasticSwap MediumMay 2022
ElasticSwap announces strategic partnerships with Big Brain Holdings, ShapeShift, Ampleforth, Connext, and Nomad, and plans multi-chain expansion to Polygon, Arbitrum, and Fantom.
ElasticSwap Medium — What's Next12 December 2022
Three separate flash loan attacks exploit ElasticSwap on Avalanche and Ethereum chains. Attackers exploit accounting inconsistency between addLiquidity (constant K) and removeLiquidity (live balance) to drain liquidity pools. Total stolen: approximately $854,000.
CertiK — ElasticSwap Incident Analysis13 December 2022
ElasticSwap announces the exploit publicly on Twitter at approximately 07:33 AM UTC and urges all users to remove liquidity immediately. TIC token price falls more than 70%.
CertiK — ElasticSwap Incident Analysis14 December 2022
MEV bot operator who front-ran the Ethereum attacker agrees to return 400.5 ETH to ElasticSwap treasury under the bounty program, retaining approximately 44.5 ETH as a bounty fee.
QuillAudits — Decoding Elastic Swap's $854K Exploit15 December 2022
ElasticSwap team initiates community governance vote on how to manage recovered assets while developing refund proposals for affected users.
CertiK — ElasticSwap Incident Analysis22 January 2023
ElasticSwap team publishes JSON files documenting aggregate losses by address across all chains. Treasury multisig holds approximately 487 ETH ($625,000). Approximately 55% of user funds recovered total; 50.89% of users vote to convert recovered assets proportionally for reimbursement.
CertiK — ElasticSwap Incident AnalysisDecision Log
- slot 455358619 · hash 32Y11vJevJhV8yyeP72yRZMKQxm793c5ucrnETzkaTQU
- slot 423153856 · hash b5CAnm6mbbudoQCwezk6b7EUyd7yRYCDeyhhWvzmwg3
This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 7 of 15 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:45 AM
last updated: 10/10/2026, 6:40:17 PM
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