Game Swap Exchange Hack

The Game Swap Exchange project exploited its investors through minting and dumping the $GAME token for $ETH, netting the scammer $ETH 16 in the process.

The Game Swap Exchange project existed for 1 day after launching. The contract deployer added initial liquidity at:

https://etherscan.io/tx/0x67abd476…202758

The contract deployer then used a hidden backdoor mechanism by using the minting functionality under the approveAndCall() function to generate new tokens onto this external address at:

https://etherscan.io/tx/0x179c0c41…a099c8

At this point it is important to state that investors without technical knowledge could have spotted a massive centralization risk with the external wallet holding +99% of the token supply:

https://etherscan.io/token/0x681b2447…6aa165#balances

The token recipient sold the minted tokens for $ETH 28,4, which meant the end for the project:

https://etherscan.io/tx/0x2bc2c0d4…55c56f

Project Deployer Address (Scammer):

https://etherscan.io/address/0x8c848be2…e4897b

Scammer Address that received the minted tokens:

https://etherscan.io/address/0x0659f352…4c194d