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Silo V2

avoid.net/silo-v2→44/100·78% conf.
[AI-DRAFTED · AWAITING VERIFICATION][src:defillama]

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anchored·2EBcdK…2c7J

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.

Connected Entities

1 entities
Organizations
□Silo V2
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    Have evidence about Silo V2?

    Timeline(12 events)

    2021

    Silo Finance founded and initial protocol design work begun on isolated lending market architecture.

    27 April 2023

    Whitehat submits critical vulnerability report via Immunefi disclosing interest rate model (IRMV1) flaw that could have exposed approximately $3 million in Ethereum-market deposits.

    Silo Finance vulnerability disclosure (Medium)

    May 2023

    Silo deploys patched interest rate model (IRMv2), fixing the utilization ratio calculation vulnerability.

    Certora Silo Finance Post-Mortem

    6 June 2023

    Silo Finance publicly discloses the 2023 vulnerability and awards 100,000 USDC bug bounty to the whitehat reporter.

    Silo Finance Medium vulnerability disclosure

    2024

    Silo V2 announced with expanded architecture: multichain deployment, programmable markets, Silo Vaults, and xSILO revenue token.

    Silo Finance 2024 Roadmap (Medium)

    28 May 2025

    Cork Protocol exploited for approximately $12 million (3,761 wstETH); attacker address later linked to Silo Finance exploit.

    Bitget News / PeckShield

    25 June 2025

    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.

    Silo Finance post-mortem (Medium)

    25 June 2025

    Silo Finance pauses the affected contract on Ethereum and Sonic networks; confirms core markets and user funds unaffected.

    Silo Finance post-mortem (Medium)

    25 June 2025

    SILO token price drops approximately 11% following public disclosure of the exploit.

    Ainvest

    25 June 2025

    PeckShield flags attacker wallet as linked to the Cork Protocol exploit; both incidents involve Tornado Cash fund laundering.

    Cryptopolitan

    25 June 2025

    Attacker routes stolen 224 ETH through Tornado Cash in multiple transactions to obfuscate fund trail.

    QuillAudits hack analysis

    26 June 2025

    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.

    Certora incident report
    Provenance & Audit Trail
    Anchored on SolanaVerify on-chain18 Wayback Archivessrc:defillama

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain (3 events). 18 of 20 cited source URLs have an Internet Archive snapshot.

    full audit log →version history →

    model: claude-sonnet-4-6

    generated: 5/4/2026, 2:54:17 AM

    last updated: 8/30/2026, 3:54:58 AM

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