Fintoch Hack

TOTAL LOST $31.7M
High #168 All-Time Rugpull

Summarize with AI

ChatGPT Perplexity Claude Grok
Affected Chain 2023 Incident surface
Recovered - No recovery reported
All-Time Rank #168 By amount stolen
Protocol Type Exit Scam/Rugpull Target category

Incident Overview

Quick Summary

The Fintoch team performed a rug pull on May 22, on the Binance Smart Chain resulting in losses of about 31,666,317 USDT.

Details of the Exploit

The DFintoch project deployed the FintochSTO contract using the deployer address 0x8a0deffb…49aa63. During deployment, 100,000 FTH tokens were minted. These tokens were then sent to address 0xfce4d. However, on the May-22-2023, a transfer of 34,341 FTH tokens was made from 0xfce4d to address 0xec1a.

Following that, 20,000 FTH tokens were swapped for 31,666,317 USDT using the "swapForUSDT()" function on the contract with address 0x19a00e35…4bb5f7.

The funds were subsequently moved to address 0x398dcb3e…ebacf4. Multichain and SWFT were utilized for the bridging of funds.

Block Data Reference

Transaction deploying FintochSTO contract: https://bscscan.com/tx/0x3ef479ba…87fce6

Transaction transferring 34,341 FTH to address 0xec1a: https://bscscan.com/tx/0xee053bf3…f004d6

SwapTx:

https://bscscan.com/tx/0xa5e64161…1c7ea2

Incident Report

Protocol / Project Fintoch
Date of Incident
Attack Technique Rugpull
Classification Token,Other
Primary Source View Post-Mortem #1 View Post-Mortem #2

Protocol Information

Protocol Type Exit Scam/Rugpull
Affected Token FTH
Official Website www.fintoch.com/
Protocol Twitter/X @DFintoch
Team Public / Doxxed
Source Code Unverified

Market Context at Time of Hack

Token Categories
DAO BNB Chain Ecosystem
Protocol Links

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 Fintoch's contract logic - root cause: token,other
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 Fintoch, these are the critical security checks that could have prevented this incident (May 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

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