Lack of Two-Step Process for Critical Operations

[code423n4]

Lines of code

https://github.com/code-423n4/2022-06-illuminate/blob/main/marketplace/MarketPlace.sol#L109-L112
https://github.com/code-423n4/2022-06-illuminate/blob/main/lender/Lender.sol#L129-L131
https://github.com/code-423n4/2022-06-illuminate/blob/main/redeemer/Redeemer.sol#L62-L65

Vulnerability details

Impact

This function transfers the ownership of the contract in a single step. There is no way to reverse a one-step transfer of ownership to an address without an owner. This would not be the case if ownership were transferred through a two-step process in which an owner proposed a transfer and the prospective recipient accepted it.

Proof of Concept

Alice wants to transfer ownership of contract.sol to a new wallet address. Alice executes setAdmin() function to the wrong address. Not double checking it before, Alice has now set the owner to the wrong address and now this cannot be undone. Alice is locked out of the ability to execute all critical authorized(admin) functions.

Tools Used

Manual Review

Recommended Mitigation Steps

Use a two-step process for ownership transfers.

[sourabhmarathe]

Duplicate of #316.