How much was lost in the Banana Swap hack?

The Banana Swap hack resulted in $110K in losses on August 28, 2022.

What attack technique was used in the Banana Swap exploit?

The Banana Swap exploit utilized Other. Understanding this attack vector is critical for smart contract auditors and developers building secure DeFi protocols.

How can developers prevent similar smart contract attacks?

Preventing smart contract hacks requires a combination of secure coding practices, thorough security audits, and understanding common attack vectors like reentrancy, oracle manipulation, and access control flaws. Smart Contract Hacking (SCH) provides hands-on training to help developers and auditors identify and prevent vulnerabilities before deployment.

Banana Swap Hack

TOTAL LOST $110K

Low Aug 28, 2022 Other

Affected Chain 2022 Incident surface

Recovered - No recovery reported

All-Time Rank #1495 By amount stolen

Auditors 1 Prior security audit

Incident Overview

Quick Summary

Banana Swap was exploited for the total amount of 110,105 in $BUSD due to contract vulnerability.

Details of the Exploit

Banana Swap is a simple DEX intended for trading the $DDC token. Due to security issues of the project's smart contracts, an attacker was able to manipulate the price of the $DDC token. The attacker used a contract function to manipulate the internal price of $DDC.

The attacker broke the price calculation mechanism in the project's contract. The attacker swapped 23 $DDC for 110,105 $BUSD using a malicious smart contract. Consequently, stolen assets were distributed between 3 team-related EOA addresses.

Block Data Reference

Attacker address:

https://bscscan.com/address/0x5b69f9c6…24fdef

Attacker contract:

https://bscscan.com/address/0x8aec5edb…fd7abb

Affected contract:

https://bscscan.com/address/0x4efdcaba…e32bb0

Transaction:

https://bscscan.com/tx/0xd08cfb22…75f054

Malicious contracts:

https://bscscan.com/address/0x7aa5bf87…8b65a4

https://bscscan.com/address/0xf3038244…3d4c47

https://bscscan.com/address/0x8672cfb5…d5c93c

https://bscscan.com/address/0xe932fb81…dc9b53

https://bscscan.com/address/0x2f0908ab…55ce2f

https://bscscan.com/address/0x4efdcaba…e32bb0

https://bscscan.com/address/0xe1a5f7cb…255d4d

Incident Report

Protocol / Project Banana Swap

Date of Incident August 28, 2022

Attack Technique Other

Classification Exchange (DEX),Token

Primary Source View Post-Mortem

Protocol Information

Protocol Type Dexs

Affected Token DDC

Official Website pandaswapsol.io/

Protocol Twitter/X @wannaswapamm

Team Anonymous

Source Code Verified On-Chain

Market Context at Time of Hack

Token Categories

Solana Ecosystem

Protocol Links

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.

Technical Knowledge Deep understanding of other and Solidity and EVM internals

Capital Required Seed capital to cover gas and initial position setup

On-Chain Access Ability to interact with smart contracts and deploy a custom exploit contract

Protocol Analysis Identification of the exploitable vulnerability in Banana Swap's contract logic - root cause: exchange (dex),token

Execution Speed Precise transaction ordering and timing to exploit the vulnerability within a single atomic block

Obfuscation Plan A strategy to launder and move stolen funds - typically through mixers, cross-chain bridges, or decentralized DEX swaps to resist tracing

What Auditors Should Check

Could this have been caught in audit? Likely — with a thorough Other audit checklist and test coverage

Audited by Audit Report 1 — still lost $110K. Prior audits don't guarantee safety, especially after post-audit code changes.

If you're auditing a protocol with similar architecture to Banana Swap, these are the critical security checks that could have prevented this incident (August 2022).

Verify all logic paths related to Other 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

Master these auditing techniques with hands-on labs and real exploit scenarios in the Smart Contract Hacking course.

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Security Audit History

Audit Report 1 Report

Sources & References

01
Source 1 https://archive.is/FIt5T

Threat Assessment

Severity Level

LOW

Attack Vector Other
Root Cause Exchange (DEX),Token
Year 2022

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