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On January 8, 2026, the decentralized offline computation protocol Truebit Protocol was attacked. By exploiting a vulnerability in the smart contract, the attacker made a profit of approximately 8,535 ETH (about USD 26.44 million). The following is a detailed analysis of this incident by the SlowMist security team.
Decentralized perpetual contract protocols replicate high-leverage derivatives trading on-chain by leveraging shared liquidity pools and oracle-based pricing. Unlike AMM spot trading, perpetual systems involve complex margin accounting, dynamic PnL calculations, and liquidation mechanisms. Minor logic deviations — whether rounding errors or oracle latency — may lead to insolvency at the protocol level or user portfolio wipeout.
On December 1, 2025, Yearn — a long-standing decentralized yield aggregation protocol — was exploited, resulting in losses of approximately $9 million. The SlowMist security team has conducted the following detailed analysis of the incident:



















































































