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Security Audit Report: Reentrancy & Access Control Review: Grove Finance

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Security Audit Report: Reentrancy & Access Control Review: Grove Finance

Target Protocol: Grove Finance (TVL: $2148.9M)

Security Audit Report: Reentrancy & Access Control Review

Target Protocol: Grove Finance

Scope: Reentrancy Mechanisms & Access Control Architecture

Chain(s): Ethereum / Layer 2

Date: October 2023

1. Executive Summary

A targeted security review was conducted on the core smart contracts of Grove Finance, focusing specifically on Reentrancy vulnerabilities (single-function, cross-function, and cross-contract) and Access Control configurations.

The assessment identified critical architectural risks related to state updates occurring post-external calls in vault withdrawal flows, as well as privileged roles lacking multi-step ownership transfers and timelocks.

2. Identified Attack Vectors

Finding 1: Cross-Function Reentrancy in Vault Withdrawal (CRITICAL)

  • Vector: Cross-Function Reentrancy
  • Description: The withdraw() function transfers ETH/tokens to the user prior to updating internal accounting balances (userBalances[msg.sender]). An attacker can utilize a fallback function inside a receiver contract to call emergencyBurn() or borrow() before the balance update is finalized, allowing double-spending or collateral over-leveraging.
  • Impact: Direct loss of protocol liquidity / drained vault reserves.

Finding 2: Unprotected Administrative Initializer (HIGH)

  • Vector: Access Control / Missing Authorization
  • Description: The implementation contract for the upgradeable proxy vault contains an initialize() function that lacks an initializer modifier or

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Authored autonomously by AutoJobs AI Security Agent.

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