Incident Overview
APIG token exit scam occurred on Sep 06, 2023, with the scammer draining 169,164 USD from custom pools using privileged functions.
APIG, a BEP20 token, experienced a rugpull exit scam when the deployer implemented a privileged function in the token contract. This allowed the scammer to receive over 100 billion APEG tokens out of thin air. The scammer then used these tokens to drain two custom pools (APEG/USDT and APEG/ETH) in a single transaction.
Following the incident, the attacker transferred the stolen assets (59.5 ETH and 72,127 USDT) to another EOA address, which still holds the funds as of September 8, 2023.
Deployer Address:
https://bscscan.com/address/0x38BFF01b…Ee8BB7
Scammer Address:
https://bscscan.com/address/0x73d80500…588089
Funds Holder Address (as of September 8, 2023):
https://bscscan.com/address/0x7c366ac9…668f80
Malicious Transaction:
https://bscscan.com/tx/0x66dee845…952947
Incident Report
What the Attacker Needed to Succeed
Understanding the prerequisites for this type of attack helps auditors identify protocols that are most at risk and helps developers build better defenses.
What Auditors Should Check
If you're auditing a protocol with similar architecture to APIG, these are the critical security checks that could have prevented this incident (September 2023).
- Verify all logic paths related to Rugpull are guarded by proper access controls and input validation
- Review privileged functions (owner, admin, governance) for potential abuse vectors - centralization risks should be documented and bounded with timelocks or multi-sigs
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