Incident Overview
BNQ token was rug pulled by the token deployer-related address. The malicious actors sold 152,505,402 $BNQ, which leads to a price drop by more than 90%
BNQ token is a copycat BEP20 token and is not related to other projects with the same token symbol. An EOA address started selling $BNQ tokens on PancakeSwap after receiving the tokens from the token deployer-related address and drained 255,675 $USD worth of assets. Consequently, stolen funds were transferred to another EOA address, which added liquidity to another pool with $BNQ tokens and the stolen $BUSD.
Malicious actor address:
https://bscscan.com/address/0x7f725bbd…8e1780
Liquidity Pool:
https://bscscan.com/address/0x84d5b47B…eA7eE5
The deployer relation proof transactions:
https://bscscan.com/tx/0xef225603…7f77c9
https://bscscan.com/tx/0x5164e07d…7a71da
Incident Report
Protocol Information
Market Context at Time of Hack
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 BNQ Token, these are the critical security checks that could have prevented this incident (September 2022).
- 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
Master these auditing techniques with hands-on labs and real exploit scenarios in the Smart Contract Hacking course.
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