Skyward Finance was exploited on November 2, 2022 when missing input validation in treasury redemption logic allowed attacker to redeem 1.08M $NEAR (~$3M) in a single transaction. Attacker purchased SKYWARD on Ref.finance and redeemed at unfavorable rates.

According to Cointelegraph, Skyward Finance, the NEAR on-chain asset issuance platform, suffered a vulnerability exploit and has lost 110 NEAR tokens (about $3 million). The Ref Finance and Skyward teams have been informed of the existence of the vulnerability. The attackers reportedly purchased large amounts of Skyward Tokens on Ref Finance, then redeemed them through the Treasury on Skyward Finance, and then earned more than the value of the Skyward Tokens originally invested.