Verify a decision

{"actor":"system:backfill","investigation_id":"713de2c4-1c19-48fb-a807-a613b6a5386a","kind":"publish","page_slug":"silo-v2","published_at":"2026-05-29T02:28:29.892Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Silo V2","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://docs.silo.finance/","type":"other","url":""},{"credibility":3,"name":"https://nansen.ai/post/what-is-silo-finance-defis-risk-isolated-lending-markets","type":"other","url":""},{"credibility":3,"name":"https://defillama.com/protocol/silo-v2","type":"other","url":""},{"credibility":3,"name":"https://silopedia.silo.finance/silodao/usdsilo/token-allocation-and-vesting","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://silofinance.medium.com/post-mortem-unreleased-leverage-contract-exploitd-0ab8f37afcbb","type":"other","url":""},{"credibility":3,"name":"https://www.certora.com/blog/silo-incident-report-contract-exploit","type":"other","url":""},{"credibility":3,"name":"https://www.quillaudits.com/blog/hack-analysis/how-silo-finance-lost-500k","type":"other","url":""},{"credibility":3,"name":"https://getfailsafe.com/ongoing-silo-finance-hack-what-you-need-to-know","type":"other","url":""},{"credibility":3,"name":"https://smartcontractshacking.com/hacks/silo-finance-hack-2025","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.quillaudits.com/blog/hack-analysis/how-silo-finance-lost-500k","type":"other","url":""},{"credibility":3,"name":"https://www.cryptopolitan.com/silo-finance-hacked-545k-in-loss-reported/","type":"other","url":""},{"credibility":3,"name":"https://cryptorank.io/news/feed/6f977-silo-finance-hacked-545k-in-loss-reported","type":"other","url":""},{"credibility":3,"name":"https://www.bitget.com/news/detail/12560604835357","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.certora.com/blog/silo-incident-report-contract-exploit","type":"other","url":""},{"credibility":3,"name":"https://immunefi.com/bug-bounty/silofinance-v2/information/","type":"other","url":""},{"credibility":3,"name":"https://medium.com/immunefi/silo-finance-logic-error-bugfix-review-35de29bd934a","type":"other","url":""},{"credibility":3,"name":"https://medium.com/silo-protocol/vulnerability-disclosure-2023-06-06-c1dfd4c4dbb8","type":"other","url":""},{"credibility":3,"name":"https://devdocs.silo.finance/security/audits-and-formal-verification","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.ainvest.com/news/silo-finance-loses-545-000-smart-contract-exploit-silo-price-drops-11-2506/","type":"other","url":""},{"credibility":3,"name":"https://www.okx.com/en-us/learn/silo-finance-exploit-smart-contract-breach","type":"other","url":""},{"credibility":3,"name":"https://www.mitrade.com/insights/news/live-news/article-3-915081-20250626","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://silofinance.medium.com/post-mortem-unreleased-leverage-contract-exploitd-0ab8f37afcbb","type":"other","url":""},{"credibility":3,"name":"https://www.certora.com/blog/silo-incident-report-contract-exploit","type":"other","url":""},{"credibility":3,"name":"https://medium.com/silo-protocol/vulnerability-disclosure-2023-06-06-c1dfd4c4dbb8","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.cryptopolitan.com/silo-finance-hacked-545k-in-loss-reported/","type":"other","url":""},{"credibility":3,"name":"https://phemex.com/news/article/silo-finance-exploit-results-in-545k-loss-11097","type":"other","url":""},{"credibility":3,"name":"https://www.ainvest.com/news/silo-finance-loses-545-000-smart-contract-exploit-silo-price-drops-11-2506/","type":"other","url":""}]}],"sources_used":[],"summary":"Silo V2 is a non-custodial, permissionless isolated lending market protocol operating across Ethereum, Arbitrum, Base, Optimism, and Sonic. On June 25, 2025, an unreleased peripheral leverage contract was exploited for approximately $545,000 (224 ETH) belonging to SiloDAO test funds; the team confirmed that all core markets and user deposits were unaffected. The incident revealed inadequate input validation and absent formal verification on pre-release code that had been deployed to mainnet, and the attacker subsequently laundered the stolen ETH through Tornado Cash.","timeline":[{"date":"2021-01-01","event":"Silo Finance founded and initial protocol design work begun on isolated lending market architecture.","source":""},{"date":"2023-04-27","event":"Whitehat submits critical vulnerability report via Immunefi disclosing interest rate model (IRMV1) flaw that could have exposed approximately $3 million in Ethereum-market deposits.","source":"Silo Finance vulnerability disclosure (Medium)","source_url":"https://medium.com/silo-protocol/vulnerability-disclosure-2023-06-06-c1dfd4c4dbb8"},{"date":"2023-05-01","event":"Silo deploys patched interest rate model (IRMv2), fixing the utilization ratio calculation vulnerability.","source":"Certora Silo Finance Post-Mortem","source_url":"https://www.certora.com/blog/silo-finance-post-mortem"},{"date":"2023-06-06","event":"Silo Finance publicly discloses the 2023 vulnerability and awards 100,000 USDC bug bounty to the whitehat reporter.","source":"Silo Finance Medium vulnerability disclosure","source_url":"https://medium.com/silo-protocol/vulnerability-disclosure-2023-06-06-c1dfd4c4dbb8"},{"date":"2024-01-01","event":"Silo V2 announced with expanded architecture: multichain deployment, programmable markets, Silo Vaults, and xSILO revenue token.","source":"Silo Finance 2024 Roadmap (Medium)","source_url":"https://medium.com/silo-protocol/silo-finance-2024-roadmap-4c3aadf31348"},{"date":"2025-05-28","event":"Cork Protocol exploited for approximately $12 million (3,761 wstETH); attacker address later linked to Silo Finance exploit.","source":"Bitget News / PeckShield","source_url":"https://www.bitget.com/news/detail/12560604835357"},{"date":"2025-06-25","event":"Silo Finance leverage contract exploit occurs at 14:11:23 UTC; 224 ETH (~$545,000 in SiloDAO test funds) drained via improper input validation in unreleased LeverageUsingSiloFlashloanWithGeneralSwap contract.","source":"Silo Finance post-mortem (Medium)","source_url":"https://silofinance.medium.com/post-mortem-unreleased-leverage-contract-exploitd-0ab8f37afcbb"},{"date":"2025-06-25","event":"Silo Finance pauses the affected contract on Ethereum and Sonic networks; confirms core markets and user funds unaffected.","source":"Silo Finance post-mortem (Medium)","source_url":"https://silofinance.medium.com/post-mortem-unreleased-leverage-contract-exploitd-0ab8f37afcbb"},{"date":"2025-06-25","event":"SILO token price drops approximately 11% following public disclosure of the exploit.","source":"Ainvest","source_url":"https://www.ainvest.com/news/silo-finance-loses-545-000-smart-contract-exploit-silo-price-drops-11-2506/"},{"date":"2025-06-25","event":"PeckShield flags attacker wallet as linked to the Cork Protocol exploit; both incidents involve Tornado Cash fund laundering.","source":"Cryptopolitan","source_url":"https://www.cryptopolitan.com/silo-finance-hacked-545k-in-loss-reported/"},{"date":"2025-06-25","event":"Attacker routes stolen 224 ETH through Tornado Cash in multiple transactions to obfuscate fund trail.","source":"QuillAudits hack analysis","source_url":"https://www.quillaudits.com/blog/hack-analysis/how-silo-finance-lost-500k"},{"date":"2025-06-26","event":"Certora publishes incident post-mortem acknowledging that Certora Prover was not applied to the exploited leverage contract, and that formal verification would have detected the user-controlled external call vulnerability.","source":"Certora incident report","source_url":"https://www.certora.com/blog/silo-incident-report-contract-exploit"}]},"v":1}