DeFi's Trust Gap: User Permissions Fuel New Base Blockchain Exploit

CertiK, a leading blockchain security firm, has reported an unverified contract on the Base blockchain network was exploited, resulting in a loss of 55 Wrapped Ether (WETH) for users who had previously authorized the contract, according to a GlobeNewswire release. The incident highlights ongoing vulnerabilities in decentralized finance (DeFi) platforms, where smart contract risks remain a critical concern for investors and developers alike.

The attack occurred on an unverified contract, a red flag in the DeFi ecosystem, where contracts are expected to be transparent and audited. CertiK's analysis revealed that the compromised contract had been approved by users for prior interactions, enabling the attacker to exploit permissions and drain funds. While the exact mechanism of the exploit remains under investigation, the incident underscores the importance of rigorous smart contract audits and user due diligence, the GlobeNewswire release said.

The affected contract is separate from CertiK's recent audit of Mutuum Finance (MUTM), a DeFi lending platform that has raised nearly $20 million in its presale. Mutuum Finance, which passed a CertiK audit with a 90/100 score, has emphasized security as a core pillar of its development roadmap. The platform's V1 protocol is scheduled to launch on the Sepolia Testnet in Q4 2025, with plans to integrate a USD-pegged stablecoin and oracle systems like Chainlink to enhance transparency, the release noted.

The attack on Base follows a broader trend of DeFi vulnerabilities, with unverified contracts and permission misuse being common vectors for exploits. CertiK's report serves as a reminder that even projects with strong security credentials can face risks if users interact with unverified or poorly managed contracts. The firm has urged developers to prioritize contract verification and continuous monitoring, while users are advised to review authorization permissions carefully, the GlobeNewswire release added.

Mutuum Finance's success in raising funds despite the recent security incident reflects investor confidence in projects that emphasize transparency and proactive risk management. The platform's structured presale, CertiK audit, and bug bounty program have positioned it as one of 2025's most anticipated DeFi projects. However, the Base attack highlights the need for heightened vigilance in an ecosystem where rapid innovation often outpaces regulatory and security frameworks, the GlobeNewswire release observed.