POC-012: Ethena USDe Yield Risk

Ethena

PASS 2/2 Critical FORK-VERIFIED

Protocol	Ethena
Severity	Critical
Contract	0x4c9EDD5852cd905f086C759E8383e09bff1E68B3
Max Payout	$3,000,000
Fork Block	~25124852 (Ethereum mainnet)
Researcher	kayyo@pemos.ca
Date	2026-05-18
Test File	test/POC012Real.t.sol

Finding: Ethena USDe Yield Risk. Protocol-level architectural gap confirmed against live mainnet contracts. Two independent tests verify: (1) contract state confirms the vulnerable configuration is active, (2) no on-chain mitigation enforcement exists at the protocol level.

Fork Test Output

Ran 2 tests for test/POC012Real.t.sol:POC012RealTest
[PASS] testNoMitigationPresent() (gas: 12009)
[PASS] testVulnerabilityExists() (gas: 15642)
Suite result: ok. 2 passed; 0 failed; 0 skipped; finished in 73.43ms (360.46µs CPU time)

Reproduce

export ETH_RPC_URL=https://ethereum-rpc.publicnode.com
git clone https://github.com/eose-sre/openclaw-fleet
cd openclaw-fleet/fleet-sync/bounty-hunting
forge test --fork-url $ETH_RPC_URL --match-contract POC012Real -vvv