TechFlow reported on April 28 that security firm BlockSec tweeted that the root cause of the hack on Polygon ecosystem project 0VIX Protocol was a flaw in the price calculation of its deflationary token.
Specifically, vGHST is the staked token of GHST. The lending platform created a market (ovGHST) for vGHST, and the ovGHST price oracle relies on the conversion rate from vGHST to GHST.
The attacker first borrowed a large amount of vGHST from contract 0x49c6, increasing the corresponding borrow balance. Then, he transferred a significant sum to the vGHST contract, which manipulated the conversion rate from vGHST to GHST. As a result, contract 0x49c6 became undercollateralized, allowing the attacker to profit by liquidating it.
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