VERDICT —UNRATED
Verdict pending. Auto-ingested incidents are reviewed before a public verdict is rendered.
Root cause
Root-cause analysis not yet published. The incident description below contains all currently available signal — review the attack transaction directly for definitive forensics.
Forensic narrative
The BSC on-chain project StableMagnet ran away and lost USD 24 million. On August 12, the Greater Manchester Police Department announced that it had arrested the suspects of the StableMagnet Finance team who had previously taken away $22 million of users on the BSC. The police found a large amount of stolen Ethereum in the encrypted U disk. According to statistics, this money accounted for 90%($ 22,250,000) of the stolen cryptocurrency, and it is now beginning to reconnect with the legitimate owner. Attack method (per SlowMist): Rug Pull. Reported loss: $ 1,750,000.
Primary source
https://www.banklesstimes.com/news/2022/01/30/ethical-hacker-helps-recover-millions-lost-in-stablemagnet-rug-pull/ ↗Sourced from
slowmist
Technical record
- chain
- ethereum
- protocol
- StableMagnet
- bug_class
- rug
- date_occurred
- 2021-06-24
- loss_usd
- $1,750,000
- source_id
- sm:stablemagnet::2021-06-24
Related — same bug class· rug