Prepared by:
HALBORN
Last Updated 03/11/2026
Date of Engagement: May 21st, 2024 - May 24th, 2024
100% of all REPORTED Findings have been addressed
All findings
4
Critical
0
High
0
Medium
1
Low
2
Informational
1
Moonwell engaged Halborn to conduct a security assessment on 4626 smart contracts beginning on 05/21/2024 and ending on 05/25/2024. The security assessment was scoped to the smart contracts provided to the Halborn team.
The team at Halborn dedicated 4 days for the engagement and assigned one full-time security engineer to evaluate the security of the smart contract.
The security engineer is a blockchain and smart-contract security expert with advanced penetration testing, smart-contract hacking, and deep knowledge of multiple blockchain protocols.
The purpose of this assessment is to:
Ensure that smart contract functions operate as intended.
Identify potential security issues with the smart contracts.
In summary, Halborn identified some security risks that were mostly addressed by the Moonwell team.
Halborn performed a combination of manual and automated security testing to balance efficiency, timeliness, practicality, and accuracy regarding the scope of this assessment. While manual testing is recommended to uncover flaws in logic, process, and implementation; automated testing techniques help enhance code coverage and quickly identify items that do not follow the security best practices. The following phases and associated tools were used during the assessment:
Research into architecture and purpose.
Smart contract manual code review and walkthrough.
Graphing out functionality and contract logic/connectivity/functions. (solgraph)
Manual assessment of use and safety for the critical Solidity variables and functions in scope to identify any arithmetic related vulnerability classes.
Manual testing by custom scripts.
Scanning of solidity files for vulnerabilities, security hot-spots or bugs. (MythX)
Static Analysis of security for scoped contract, and imported functions. (Slither)
Testnet deployment. (Brownie, Anvil, Foundry)
| EXPLOITABILITY METRIC () | METRIC VALUE | NUMERICAL VALUE |
|---|---|---|
| Attack Origin (AO) | Arbitrary (AO:A) Specific (AO:S) | 1 0.2 |
| Attack Cost (AC) | Low (AC:L) Medium (AC:M) High (AC:H) | 1 0.67 0.33 |
| Attack Complexity (AX) | Low (AX:L) Medium (AX:M) High (AX:H) | 1 0.67 0.33 |
| IMPACT METRIC () | METRIC VALUE | NUMERICAL VALUE |
|---|---|---|
| Confidentiality (C) | None (C:N) Low (C:L) Medium (C:M) High (C:H) Critical (C:C) | 0 0.25 0.5 0.75 1 |
| Integrity (I) | None (I:N) Low (I:L) Medium (I:M) High (I:H) Critical (I:C) | 0 0.25 0.5 0.75 1 |
| Availability (A) | None (A:N) Low (A:L) Medium (A:M) High (A:H) Critical (A:C) | 0 0.25 0.5 0.75 1 |
| Deposit (D) | None (D:N) Low (D:L) Medium (D:M) High (D:H) Critical (D:C) | 0 0.25 0.5 0.75 1 |
| Yield (Y) | None (Y:N) Low (Y:L) Medium (Y:M) High (Y:H) Critical (Y:C) | 0 0.25 0.5 0.75 1 |
| SEVERITY COEFFICIENT () | COEFFICIENT VALUE | NUMERICAL VALUE |
|---|---|---|
| Reversibility () | None (R:N) Partial (R:P) Full (R:F) | 1 0.5 0.25 |
| Scope () | Changed (S:C) Unchanged (S:U) | 1.25 1 |
| Severity | Score Value Range |
|---|---|
| Critical | 9 - 10 |
| High | 7 - 8.9 |
| Medium | 4.5 - 6.9 |
| Low | 2 - 4.4 |
| Informational | 0 - 1.9 |
Critical
0
High
0
Medium
1
Low
2
Informational
1
| Security analysis | Risk level | Remediation Date |
|---|---|---|
| Vault Deployment Failure For Void Return Tokens | Medium | Solved - 05/22/2024 |
| MoonwellERC4626 Returns Max Deposit Denominated In Shares | Low | Solved - 05/22/2024 |
| Claiming Rewards Depletes Underlying When Configured As An Emission Token | Low | Risk Accepted |
| Susceptibility To Inflation Griefing For Low Precision Decimals | Informational | Acknowledged |
//Medium
//Low
//Low
//Informational
Halborn strongly recommends conducting a follow-up assessment of the project either within six months or immediately following any material changes to the codebase, whichever comes first. This approach is crucial for maintaining the project’s integrity and addressing potential vulnerabilities introduced by code modifications.
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Smart Contract Assessment
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