Incident Overview
CryptoBike rugpulled only a few days after its launch. The gamefi project had been released on the 27th of December, and on the 1st of January, 6 million CBs were sold for $1.4M. The token price was immediately decreased from $0.81 to $0.019.
The website went down, and all communication channels with the team closed.
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 CryptoBike, these are the critical security checks that could have prevented this incident (January 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.
Free TrialSources & References
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Web Archive https://archive.ph/YjSVA
Learn to Prevent the Next CryptoBike
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