Incident Overview
On April 4th, 2024, the DegenFox token was rug pulled, resulting in losses of approximately $150,000 USD.
On April 4th, 2024, suspicions arose regarding the DegenFox token deployer due to suspicious activity. Funds were withdrawn from both the BSC and BASE networks and bridged to the Ethereum mainnet. Subsequently, a portion of the withdrawn funds was deposited into Tornado Cash, while the majority remained held in the Ethereum mainnet account.
Deployer:
https://bscscan.com/address/0xE0ABdc58…276710
https://basescan.org/address/0xE0ABdc58…276710
Tornado cash tx:
https://etherscan.io/tx/0xa31ac3d5…d4f7e3
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 DegenFox, these are the critical security checks that could have prevented this incident (April 2024).
- 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
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