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Rug Pull Hits Ethereum Mainnet Hours After BNB Hack

After the attempted $600 million BNB Chain exploits, Ethereum was exposed to serious rug pull assaults. An on-chain Web3 expert discloses that the initial BNB hacker did not organize the rug pull.

07 Oct 2022 By: Rohit Tripathi
Rug Pull Hits Ethere

The world of decentralized finance 

is still dealing with severe security concerns. 

Hours after the attempted $600 million BNB Chain exploits, Ethereum was subjected to major rug pull attacks. After the initial hack, a hostile actor created a BNBHACKERINU token, which was rug-pulled two hours later.

The initial hacker stole around $100 million in BNB tokens. The attack took place on the BSC cross-chain bridge. Changpeng Zhou, the CEO and founder of Binance and BNB Chain, warned users that the BSC chain's validators had suspended transactions.

Rug Pull On ETH and Shiba

Lorem, a Web3 developer, stated that following the initial BNB hack, a hostile actor created bogus tokens. The address of the token deployer does not match that of the original BNB Chain hacker. However, the address matching the BNB hacker is in the contract's lead deployer variable.

Lorem emphasizes how the entire smart contract was built using malicious code. To begin with, the bad actor had a function that allowed him to create an infinite amount of tokens. More crucially, three smart contract mechanisms enabled the hacker to transfer any holder's token back to another account without authorization.

The hacker was able to steal around $100,000 in Ethereum. He then used a new token dubbed HACKERSHIBA to replicate the same methods.

How To Prepare For Rug Pull Attacks

ZachXBT, an on-chain Web3 expert, discloses that the initial BNB hacker did not organize the rug pull. However, they were fake tokens, which are frequent following a significant attack.

According to foobar, a web3 expert, the rug pull tactic is a very popular malicious method. He claims that DeFi players should always be on the alert for such approaches.

Today's hacks underscore the necessity of security in the DeFi industry once again. Security experts are preparing to re-prioritize decentralization and security once again.

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