😱 SafeMoon Token’s Liquidity Pool Drained in $8.9 Million Hack
HashingBits | Week- 13
In brief⚡
Safemoon LP Exploited for ~$8.9M.
EC token lost ~$43,800 in a Rug pull.
Rug pull cost Kokomo Finance ~$4M.
In a phishing attack, Patricio Worthalter lost ~$3.83M.
Hacks and Scams⚠️
Safemoon
Amount of Loss: ~ $8.9M
Analysis
Safemoon, a DeFi protocol based on the BNB chain, was attacked, resulting in nearly $8.9 million in liquidity loss.
On Twitter, Safemoon CEO John Karony stated: "This security incident only affected the SFM: BNB LP pool; other DEX LP pools were unaffected.
We discovered and fixed the suspected vulnerability." The recent update, according to analysis, may have introduced a "public destruction vulnerability," which facilitated hacker attacks.
The hacker could artificially inflate the price of SFM tokens using code functionality and then sell enough tickets back to the liquidity pool in the same transaction, effectively draining WBNB from the contract.
EC token
Amount of Loss: ~$43,800
Analysis
The EC token deployer address took $43.8K out of the Liquidity Pool.
Deployer address 0x58819Da1a4e5e96C02Ced4631bDcb6Bd098d9514 depleted the Liquidity Pool by $43.8K!
This action resulted in a 98% price drop! Further investigation reveals that the token's contract address was only created four days ago.
The total supply of EC Tokens is 100,000. Only 127 lessons have it. The top five addresses hold 75% of the supply.
Deployer address accounts for a whopping 68% of it!
Kokomo Finance
Amount of Loss: ~$4M
Analysis
The Kokomo Finance scam is estimated to have cost around $4 million. The funds are currently located at the four addresses listed below, and we have set up a monitor to track their movement.
0x7Da25Bc4cFAed3F29414C6779676e53B19a356f5 Contract eth:0x7Da25Bc4cFAed3F29414C6779676e53
Which has decreased by more than 95%.
All of the project's social media accounts have been deactivated.
Patricio Worthalter
Amount of Loss: ~$3.83M
Analysis
Phishing was launched against Patricio Worthalter, the founder of POAP.
The attacker transferred 85,898 RPL (about $3.83 million) from Worthalter's address to DEX and sold all RPL for 1,802 ETH (about $3.25 million).
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