SIR (Synthetics Implemented Right)
Summary
SIR (Synthetics Implemented Right), operating as SIR.trading, is an Ethereum-based DeFi protocol offering non-liquidating leveraged tokens and synthetic assets. On March 30, 2025, just 39 days after its February 20 mainnet launch, the protocol's Vault contract was completely drained of its entire $355,000 TVL through an exploit targeting a novel misuse of Ethereum's transient storage (EIP-1153) introduced in the Dencun upgrade. The attacker laundered proceeds through Railgun; the founder publicly pleaded for a partial return of funds; the protocol subsequently relaunched after completing four additional security audits.
Connected Entities
2 entitiesTimeline(9 events)
2021-07-20
Founder Xatarrer publishes introductory Medium post announcing SIR (Synthetics Implemented Right) and recruiting developers
2025-01-01
Egis Security completes pre-launch audit, identifying 3 high, 2 medium, and 2 low severity issues
2025-01-30
Attacker deploys dummy ERC-20 tokens and creates a Uniswap V3 pool with controlled liquidity in preparation for the exploit
2025-02-20
SIR.trading launches on Ethereum mainnet; TVL begins growing organically toward approximately $400,000
2025-03-30
Attacker exploits transient storage collision in Vault contract's uniswapV3SwapCallback function, draining entire $355,000 TVL; stolen funds laundered through Railgun within minutes; TenArmorAlert and Decurity detect and publicize the attack
2025-03-31
Founder Xatarrer posts on-chain plea to attacker, offering $100,000 (28% of stolen funds) as a bounty in exchange for return of the remainder, pledging no legal action
2025-04-01
SIR.trading contacts Railgun directly seeking assistance in tracing or recovering stolen funds; attacker does not respond to bounty offer
2025-04-01
Protocol team announces intent to rebuild; seeks auditors willing to work for token equity given depleted funds
2025-09-01
Protocol reports completion of four additional security audits and announces relaunch at app.sir.trading
Decision Log
- hash: EgBNBqtr71dfvpdrd4BBwZqRPQ3M3Z3mNooqD2nft6ZS
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:24 AM
last updated: 5/30/2026, 4:06:04 AM
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