Characterizing Ethereum Upgradable Smart Contracts and Their Security Implications

Upgradeable smart contracts (USCs) have been widely adopted to enable modifying deployed smart contracts. While USCs bring great flexibility to developers, improper usage might introduce new security issues, potentially allowing attackers to hijack USCs and their users. In this paper, we conduct a large-scale measurement study to characterize USCs and their security implications in the wild. We summarize six commonly used USC patterns and develop a tool, USCDetector, to identify USCs without needing source code. Particularly, USCDetector collects various information such as bytecode and transaction information to construct upgrade chains for USCs and disclose potentially vulnerable ones. We evaluate USCDetector using verified smart contracts (i.e., with source code) as ground truth and show that USCDetector can achieve high accuracy with a precision of 96.26%. We then use USCDetector to conduct a large-scale study on Ethereum, covering a total of 60,251,064 smart contracts. USCDetecor constructs 10,218 upgrade chains and discloses multiple real-world USCs with potential security issues.