Incident Overview
On the 12th of April ChainGPT on the BSC chain was rugged for approx 82k USD.
The team responsible for managing liquidity in the ChainGPT protocol executed a liquidity removal scam, causing the project to suffer significant losses. The contract deployer removed a significant amount of liquidity pool (LP) and sold off the token, leading to a sharp drop of around 90% in its initial price.
Scammer:
https://bscscan.com/address/0xd9618606…1f1918
Liquidity removal:
https://bscscan.com/tx/0x12c1a6cc…07c005
Incident Report
Protocol Information
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 ChainGPT, these are the critical security checks that could have prevented this incident (April 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
Master these auditing techniques with hands-on labs and real exploit scenarios in the Smart Contract Hacking course.
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