How much was lost in the Galaxy Coin hack?

The Galaxy Coin hack resulted in $85K in losses on August 29, 2022.

What attack technique was used in the Galaxy Coin exploit?

The Galaxy Coin 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.

Galaxy Coin Hack

TOTAL LOST $85K

Low Aug 29, 2022 Rugpull

Affected Chain 2022 Incident surface

Recovered - No recovery reported

All-Time Rank #1586 By amount stolen

Protocol Type Exit Scam/Rugpull Target category

Incident Overview

Quick Summary

Galaxy Coin was rug pulled for the total amount of 84,535 $BUSD.

Details of the Exploit

Galaxy Coin is BEP20 token trading on PancakeSwap. The token price dumped and liquidity was removed by an EOA address. Consequently, all the drained amount were transferred to another address.

Block Data Reference

Address of dumper:

https://bscscan.com/address/0xbf43ea6a…007fa2

Address funds was transferred to:

https://bscscan.com/address/0x10647499…72422f

Transactions where funds was transferred:

https://bscscan.com/tx/0x1577b5aa…8b6e7d

https://bscscan.com/tx/0x0a736576…229a6b

0x81d3ec77438b4e99aa99ba25b1dbc3fea317fe3b0x81d3ec77438b4e99aa99ba25b1dbc3fea317fe3b

Incident Report

Protocol / Project Galaxy Coin

Date of Incident August 29, 2022

Attack Technique Rugpull

Classification Token

Primary Source View Post-Mortem

Protocol Information

Protocol Type Exit Scam/Rugpull

Affected Token GXY

Official Website gamacoin.ai

Protocol Twitter/X @Gama_Offical

Team Anonymous

Source Code Unverified

Market Context at Time of Hack

Token Categories

Gaming XDC 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 Galaxy Coin'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 Galaxy Coin, these are the critical security checks that could have prevented this incident (August 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.

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Sources & References

01
Source 1 https://archive.is/xRoLT

Threat Assessment

Severity Level

LOW

Attack Vector Rugpull
Root Cause Token
Year 2022

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