An exploit where a contract calls out to another address, and that address calls straight back in before the first call has updated its balances — repeating the withdrawal against stale state.
It emptied The DAO in 2016 and is still found in audits today, because the vulnerable pattern — send funds first, write the new balance second — reads as perfectly ordinary code.
We update state before external calls, apply reentrancy guards on value-moving functions, and have independent auditors look specifically for this class before anything touches mainnet.