Marketplace proxy 0x9b3e9b92 bug drains USDT and mints rewards

Protocol: BNB Chain marketplace proxy 0xb7e1d1372f2880373d7c5a931cdbaa73c38663c6 with reward token proxy 0x7570fdad10010a06712cae03d2fc2b3a53640aa4
Category: Protocol logic / access-control bug (root_cause_category = protocol_bug)
ACT opportunity: Yes (is_act = true)

Incident Overview & TL;DR

On BNB Chain (chainid 56), a fresh externally owned account (EOA) 0x9f2ecec0145242c094b17807f299ce552a625ac5 deployed a constructor-only helper contract and, within the same transaction, invoked an unprotected function with selector 0x9b3e9b92 on marketplace proxy 0xb7e1.... This call drained the proxy’s entire on-chain USDT balance of 8,484.92 units and minted 33,939.68 units of the associated reward token 0x7570... to the helper contract.

The helper immediately swapped the stolen USDT through a public PancakeSwap USDT/WBNB pair into approximately 13.041098705767818172 WBNB, which was unwrapped to BNB and delivered back to the EOA. After accounting for gas and AMM slippage, the attacker realized a net profit of about 13.039081184767818172 BNB. In subsequent blocks, the attacker deposited most of this BNB into a Tornado-like mixer contract to obfuscate the proceeds.

Root cause (brief): The implementation behind proxy 0xb7e1... exposes a function at selector 0x9b3e9b92 that any address can call. Instead of operating on per-user order balances, this function uses the proxy’s global USDT.balanceOf and reward-token minting to move all pooled USDT and newly minted reward tokens to an arbitrary recipient, with no access control and no requirement that the caller has any prior deposit or order in the system.

Key Background

• Proxy architecture and roles

  • Marketplace proxy 0xb7e1... and reward-token proxy 0x7570... were both deployed on BNB Chain by creator EOA 0xbeb28a030fec8009157d112550e7e2f0b7683c40 as TransparentUpgradeableProxy instances.
  • 0xb7e1... points to implementation 0x0df9d225ccfaa21ceb0b2ab6855b13dffa78d253, while 0x7570... points to implementation 0x28221c875bd823b73de945ac590411bc87aa89b2.
  • Initialization calldata configures USDT 0x55d398326f99059ff775485246999027b3197955 as the settlement token, 0x7570... as a trading or reward token, and sets owner/admin roles via a ProxyAdmin.

• Marketplace implementation (0x0df9d2...)

  • Decompiled code shows an order-management style contract that stores per-order parameters in mappings.
  • Functions like cancelOrder(uint256) and editOrder(uint256,uint256):
    • Index into storage by order ID.
    • Require msg.sender to equal the stored order owner.
    • Check that the order is not already filled.
    • Perform USDT transfer / transferFrom for amounts derived from per-order storage.
    • Call the reward token’s mint(address,uint256) with selector 0x40c10f19 to mint rewards to the order owner.
  • These paths respect per-order ownership and do not operate on the proxy’s entire token balance.

• Reward token implementation (0x28221c8...)

  • Decompiled implementation 0x28221c8... is an ERC20-like token with 9 decimals and events such as Transfer, Approval, RewardMint, AuthorizedMinterSet, MarketplaceSet, and OwnershipTransferred.
  • Its mint(address,uint256) function is gated so that only marketplace may mint, and setMarketplace(address) is owner-only. The deployment and configuration transactions set marketplace = 0xb7e1..., meaning only the marketplace proxy can mint reward tokens.

/// From collected reward-token decompiled source (implementation 0x28221c8...)
/// @custom:selector    0x40c10f19
/// @custom:signature   mint(address arg0, uint256 arg1) public
function mint(address arg0, uint256 arg1) public {
    require(arg0 == (address(arg0)));
    require(msg.sender == (address(marketplace)), CustomError_e450d38c());
    // ...
}

Snippet 1 – Reward token mint gate: only the configured marketplace (here proxy 0xb7e1...) can mint 0x7570... tokens.

• Use of PancakeSwap
  • The exploit uses public PancakeSwap contracts:
    • Pair 0x16b9a82891338f9ba80e2d6970fdda79d1eb0dae (USDT/WBNB).
    • Router 0x10ed43c718714eb63d5aa57b78b54704e256024e.
  • These contracts are standard, verified components and are only used to swap stolen USDT for WBNB/BNB; no AMM bug is involved.

Vulnerability & Root Cause Analysis

Intended order-handling behavior

The marketplace implementation 0x0df9d2... is designed to manage per-user orders. Functions such as cancelOrder and editOrder:

• Look up structured order data by ID in storage mappings.
• Require that msg.sender matches the recorded order owner.
• Enforce status checks (e.g., not already filled or canceled).
• Use per-order amounts stored on-chain to:
  • Move USDT between users and the contract using transfer / transferFrom.
  • Mint reward tokens to the specific order owner using the reward token’s mint function.

These functions therefore maintain a clear relationship between user actions, order state, and token balances.

Exposed function at selector 0x9b3e9b92

By contrast, the implementation exposes another entry point at selector 0x9b3e9b92, surfaced via the proxy 0xb7e1.... Decompiled metadata confirms its presence:

/// From collected marketplace decompiled source (implementation 0x0df9d2...)
/// @custom:selector    0x9b3e9b92
/// @custom:signature   Unresolved_9b3e9b92(address arg0, uint256 arg1, uint256 arg2, uint256 arg3, uint256 arg4, uint256 arg5) public pure
function Unresolved_9b3e9b92(address arg0, uint256 arg1, uint256 arg2, uint256 arg3, uint256 arg4, uint256 arg5) public pure {
    require(arg0 == (address(arg0)));
    require(arg3 == arg3);
    require(!arg4 > 0xffffffffffffffff);
    require(!(arg4) > 0xffffffffffffffff);
    require(!arg5 > 0xffffffffffffffff);
}

Snippet 2 – Marketplace decompiled metadata showing a public function at selector 0x9b3e9b92. The decompiler does not recover its real effects, so we rely on the on-chain trace to understand its behavior.

The decompiler’s “pure” stub is clearly inconsistent with the observed side effects in the exploit transaction. To accurately characterize the function, we must rely on the concrete trace of the seed transaction, which calls 0x9b3e9b92 through the proxy.

Behavior observed in the seed transaction trace

The seed transaction 0x864d33d0... is a contract-creation transaction from EOA 0x9f2e.... The constructor of the created helper contract 0x9b78... performs the exploit by:

1. Calling the marketplace proxy 0xb7e1... with selector 0x9b3e9b92.
2. Causing the implementation 0x0df9d2... to:
   • Interact with USDT 0x55d3... and reward token 0x7570....
   • Read the full USDT balance of the proxy via balanceOf(0xb7e1...).
   • Transfer that balance to the helper contract.
   • Mint reward tokens to the helper via the reward-token proxy.
3. Routing the stolen USDT from the helper into the Pancake USDT/WBNB pair, producing WBNB that is ultimately unwrapped into BNB for the attacker EOA.

This behavior is visible in the seed transaction’s balance diff and ERC20 transfers:

{
  "chainid": 56,
  "txhash": "0x864d33d006e5c39c9ee8b35be5ae05a2013e556be3e078e2881b0cc6281bb265",
  "native_balance_deltas": [
    {
      "address": "0xbb4cdb9cbd36b01bd1cbaebf2de08d9173bc095c",
      "delta_wei": "-13041098705767818172"
    },
    {
      "address": "0x9f2ecec0145242c094b17807f299ce552a625ac5",
      "before_wei": "98371945900000000",
      "after_wei": "13137453130667818172",
      "delta_wei": "13039081184767818172"
    }
  ],
  "erc20_transfers": [
    {
      "token": "0x55d398326f99059ff775485246999027b3197955",
      "from": "0xb7e1d1372f2880373d7c5a931cdbaa73c38663c6",
      "to": "0x9b78b5d9febce2b8868ea6ee2822cb482a85ad74",
      "value": "8484920000000000000000"
    },
    {
      "token": "0x7570fdad10010a06712cae03d2fc2b3a53640aa4",
      "from": "0x0000000000000000000000000000000000000000",
      "to": "0x9b78b5d9febce2b8868ea6ee2822cb482a85ad74",
      "value": "16969840000000000000000"
    }
  ]
}

Snippet 3 – Seed transaction balance diff (balance_diff.json): the marketplace proxy 0xb7e1... sends 8,484.92 USDT (1e18 units) to helper 0x9b78..., and the reward token mints 16,969.84 × 2 = 33,939.68 units to the same helper. The attacker EOA’s BNB balance increases by ~13.039 BNB, while the WBNB contract balance decreases by ~13.041 WBNB.

Key points from the trace and balance diff:

• USDT 0x55d3... flows:
  • From 0xb7e1... to helper 0x9b78... for 8,484.92 USDT.
  • From helper 0x9b78... to Pancake pair 0x16b9... for the same 8,484.92 USDT.
• Reward token 0x7570... mints:
  • From the zero address to helper 0x9b78..., twice, totaling 33,939.68 units.
• Native BNB flows:
  • WBNB contract 0xbb4c... loses ~13.041 BNB-equivalent.
  • Attacker EOA 0x9f2e... gains ~13.039 BNB net after gas.

The call trace (callTracer) confirms that this sequence is triggered by a single call through 0xb7e1... with selector 0x9b3e9b92 originating from the helper’s constructor.

Missing access control and improper accounting

From the combination of:

• The presence of a public function at selector 0x9b3e9b92 exposed via proxy 0xb7e1....
• The reward token gating mint to only the marketplace address.
• The observed behavior that any address (here, the helper contract) can call 0x9b3e9b92 to:
  • Transfer all USDT held by the proxy to an arbitrary recipient.
  • Mint reward tokens to that same recipient.

we conclude:

• Missing access control: The function behind 0x9b3e9b92 is not restricted to an owner, operator, or authenticated actor; any unprivileged caller can trigger it via the proxy.
• Improper accounting: Rather than referencing a specific order or user balance, the function operates on the proxy’s global USDT balance via balanceOf(proxy) and mints rewards based solely on that balance, ignoring per-user deposits and order state.
• Proxy-level exposure: Because 0xb7e1... is a TransparentUpgradeableProxy with no additional gating, this implementation bug directly exposes user funds held by the proxy.

This combination creates a straightforward exploit predicate: whenever the proxy holds USDT, any address capable of sending a transaction can drain the entire balance and mint associated rewards, then liquidate for profit.

Adversary Flow Analysis

Adversary-related accounts

• EOA 0x9f2ecec0145242c094b17807f299ce552a625ac5 (attacker origin)

  • Originates the seed transaction 0x864d33d0....
  • Receives the final BNB profit after WBNB is unwrapped.
  • Later sends multiple deposits to a Tornado-like mixer contract 0x0d5550d52428e7e3175bfc9550207e4ad3859b17.

• Helper contract 0x9b78b5d9febce2b8868ea6ee2822cb482a85ad74

  • Created in the seed transaction as a constructor-only helper.
  • In its constructor, calls 0xb7e1... with selector 0x9b3e9b92 to:
    • Receive 8,484.92 USDT and 33,939.68 reward tokens.
    • Forward the USDT into the Pancake USDT/WBNB pair to generate WBNB.
  • Does not initiate further transactions after construction.

• Victim contracts

  • Marketplace proxy 0xb7e1d1372f2880373d7c5a931cdbaa73c38663c6:
    • Holds pooled USDT on behalf of users.
    • Exposes the vulnerable 0x9b3e9b92 function.
  • Reward token proxy 0x7570fdad10010a06712cae03d2fc2b3a53640aa4:
    • Mints reward tokens to the helper when called by 0xb7e1....

Exploit transaction: deployment and drain

The exploit is executed entirely within a single transaction:

{
  "hash": "0x864d33d006e5c39c9ee8b35be5ae05a2013e556be3e078e2881b0cc6281bb265",
  "from": "0x9f2ecec0145242c094b17807f299ce552a625ac5",
  "to": "",
  "value": "0",
  "functionName": "atInversebrah(int248 a, uint48[] b, uint32 c, bytes20[] d, bytes30[] e)"
}

Snippet 4 – Seed transaction summary from the attacker’s txlist: an EOA contract-creation transaction whose constructor performs the exploit logic.

Lifecycle within this transaction:

1. Helper deployment

   • EOA 0x9f2e... sends a contract-creation transaction with zero BNB value.
   • The deployed helper contract is assigned address 0x9b78... (nonce 0 from the attacker EOA).

2. Exploit call from constructor

   • The helper’s constructor calls marketplace proxy 0xb7e1... with selector 0x9b3e9b92.
   • The proxy delegates to implementation 0x0df9d2..., triggering the vulnerable logic described above.
   • As a result:
     • 8,484.92 USDT moves from 0xb7e1... to 0x9b78....
     • 33,939.68 reward tokens are minted to 0x9b78... via proxy 0x7570....

3. Swap to BNB

   • Helper 0x9b78... swaps the stolen USDT into WBNB via Pancake pair 0x16b9....
   • WBNB is then unwrapped/forwarded as BNB to the attacker EOA 0x9f2e....
   • The net effect (as seen in native_balance_deltas) is:
     • WBNB contract 0xbb4c... loses ~13.041 BNB-equivalent.
     • Attacker EOA 0x9f2e... gains ~13.039 BNB after gas.

Profit obfuscation via mixer deposits

After realizing the profit, the attacker EOA disperses the BNB into a Tornado-like mixer:

[
  {
    "hash": "0x3a34200e5db502a2593d3cfcf595e477ea2f351c467626f8d2b7be7a717be35e",
    "from": "0x9f2ecec0145242c094b17807f299ce552a625ac5",
    "to": "0x0d5550d52428e7e3175bfc9550207e4ad3859b17",
    "value": "10000000000000000000",
    "functionName": "deposit(address _tornado, bytes32 _commitment, bytes _encryptedNote)"
  },
  {
    "hash": "0x15395547c4ccf60829b54c9ac323380ad5e55e762a84b360d987fff986c61c44",
    "from": "0x9f2ecec0145242c094b17807f299ce552a625ac5",
    "to": "0x0d5550d52428e7e3175bfc9550207e4ad3859b17",
    "value": "1000000000000000000",
    "functionName": "deposit(address _tornado, bytes32 _commitment, bytes _encryptedNote)"
  }
]

Snippet 5 – Example mixer deposits from the attacker’s txlist: 10 BNB and 1 BNB transfers to a Tornado-like mixer contract via deposit(...). Additional 1 BNB and 0.1 BNB deposits follow in later transactions.

These transactions confirm that:

• The same EOA that initiated the exploit (0x9f2e...) controls the profits.
• The funds are deliberately routed into a privacy-preserving contract, hindering further attribution.

Protocol deployment and configuration

Prior to the exploit:

• EOA 0xbeb28a0... deploys the reward-token and marketplace proxies (0x7570... and 0xb7e1...).
• Configuration transactions:
  • Set marketplace = 0xb7e1... on the reward token, allowing it to mint tokens.
  • Set opWallet on 0xb7e1..., used in a zero-value USDT transfer observed in the exploit trace.
• No interactions between the creator EOA and the attacker EOA are observed in the artifact set.

This setup confirms that the vulnerable marketplace and its reward token were configured as intended before an unrelated EOA exploited the exposed function.

Impact & Losses

On-chain token movements

• USDT loss

  • The proxy 0xb7e1... loses its entire on-chain USDT balance of 8,484.92 units to the helper contract 0x9b78... in the exploit transaction.
  • No compensating inflows to the proxy are observed in the same transaction.

• Reward token minting

  • A total of 33,939.68 units of the reward token 0x7570... are minted from the zero address to helper 0x9b78....
  • This mint is authorized because 0xb7e1... is configured as marketplace on the reward token contract.

• BNB profit

  • Using the seed transaction balance diff:
    • Attacker EOA 0x9f2e... increases its BNB balance from 0.0983719459 BNB to 13.137453130667818172 BNB.
    • The net delta is 13.039081184767818172 BNB after gas.
  • WBNB contract 0xbb4c... loses 13.041098705767818172 WBNB-equivalent, consistent with AMM swap outputs and gas costs.

Economic interpretation

• The protocol’s marketplace proxy loses at least 8,484.92 USDT of pooled liquidity and issues 33,939.68 reward tokens to the attacker-controlled helper.
• The attacker realizes a net profit of approximately 13.039 BNB after gas, which is then partially obfuscated via mixer deposits.
• The exact off-chain distribution of losses (i.e., which users funded the drained USDT) cannot be derived from the available on-chain artifacts, but the value transfer from the marketplace proxy to the adversary cluster is unambiguous.

References

• [1] Seed transaction call trace (callTracer)

  • debug_traceTransaction with callTracer for 0x864d33d0..., showing the helper’s constructor call into 0xb7e1...::0x9b3e9b92, USDT and reward-token calls, and the AMM swap path.

• [2] Seed transaction pre-state (prestateTracer)

  • Prestate tracer output for the same transaction, capturing balances and storage before execution, used to reason about sigma_B and initial holdings.

• [3] Marketplace implementation decompiled source

  • Decompiled Solidity for implementation 0x0df9d2..., including the protected order functions and the unresolved 0x9b3e9b92 entry point.

• [4] Reward token implementation decompiled source

  • Decompiled Solidity for implementation 0x28221c8..., including mint(address,uint256) and setMarketplace(address) which demonstrate the marketplace’s authority to mint tokens.

• [5] Seed transaction balance diff

  • balance_diff.json for the seed transaction, used to quantify USDT drain and BNB profit.

• [6] Creator EOA deployment and configuration txlist

  • Transaction list for creator EOA 0xbeb28a0..., showing deployment of the marketplace and reward-token proxies and subsequent configuration calls.

• [7] Attacker EOA txlist

  • Transaction list for attacker EOA 0x9f2e..., including the exploit transaction and subsequent mixer deposits used to obfuscate stolen funds.