How much was lost in the CoinPanda_ETH hack?

The CoinPanda_ETH hack resulted in $81K in losses on December 03, 2023.

What attack technique was used in the CoinPanda_ETH exploit?

The CoinPanda_ETH exploit utilized Rugpull. 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.

CoinPanda_ETH Hack

TOTAL LOST $81K

Low Dec 03, 2023 Rugpull

Affected Chain 2023 Incident surface

Recovered - No recovery reported

All-Time Rank #1596 By amount stolen

Protocol Type Exit Scam/Rugpull Target category

Incident Overview

Quick Summary

COINPANDA token was rugpulled by scammer, removing liquidity worth 80,554 USD from UniSwap pool.

Details of the Exploit

COINPANDA is an ERC20 token trading on UniSwap. On December 3, 2023, the scammer removed liquidity from the LP pool, totaling 33.56 WETH, which was equivalent to 80,554 USD. A large portion of the stolen funds were deposited into Tornado Cash, while the remaining amount was transferred to another EOA.

The project's website and Twitter account have been deleted.The deployer of token sent 1.92 ETH to the scammer address after exitscam.

Block Data Reference

Deployer Address:

https://etherscan.io/address/0x6923D0dC…c4c18C

Scammer Address:

https://etherscan.io/address/0x4b50156e…6B70ce

Transaction between Deployer and Scammer:

https://etherscan.io/tx/0xaaedbd24…afc454

Liquidity Removal Transaction:

https://etherscan.io/tx/0x5d7101f3…48c01c

Incident Report

Protocol / Project CoinPanda_ETH

Date of Incident December 03, 2023

Attack Technique Rugpull

Classification Token

Primary Source View Post-Mortem

Protocol Information

Protocol Type Exit Scam/Rugpull

Affected Token COINPANDA

Official Website www.coinpanda-eth.com/

Protocol Twitter/X @Coinpanda_ETH

Team Anonymous

Source Code Verified On-Chain

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 rugpull 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 CoinPanda_ETH's contract logic - root cause: 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? Hard to catch — private key / OpSec failures are outside smart contract audit scope

If you're auditing a protocol with similar architecture to CoinPanda_ETH, these are the critical security checks that could have prevented this incident (December 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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Sources & References

01
Source 1 https://twitter.com/CyversAlerts/status/1744702885030436954?s=20

Threat Assessment

Severity Level

LOW

Attack Vector Rugpull
Root Cause Token
Year 2023

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