How much was lost in the GGBOND hack?

The GGBOND hack resulted in $151K in losses on August 11, 2023.

What attack technique was used in the GGBOND exploit?

The GGBOND 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.

GGBOND Hack

TOTAL LOST $151K

Low Aug 11, 2023 Rugpull

Affected Chain 2023 Incident surface

Recovered - No recovery reported

All-Time Rank #1391 By amount stolen

Protocol Type Dexs Target category

Incident Overview

Quick Summary

GGBOND, an ERC20 token trading on UniSwap, fell victim to a rug pull on August 11, 2023. The deployer removed liquidity from the LP pool, amounting to a loss of 82.02 ETH or 150,971 $USD.

Details of the Exploit

The deployer initiated the attack by removing liquidity from the UniSwap pool. The stolen funds were then transferred to another EOA, followed by distribution across multiple addresses. Eventually, the majority of these funds found their way to the FixedFloat exchange.

The transaction flow indicates a deliberate and organized effort to obscure the trail of stolen assets.

Block Data Reference

Deployer Address:

https://etherscan.io/address/0xb5c8662f…e80d82

Scammer Addresses:

https://etherscan.io/address/0x7c749326…0633ac

https://etherscan.io/address/0x034f755e…386a39

https://etherscan.io/address/0xe36a2878…049455

Liquidity Removal Transaction:

https://etherscan.io/tx/0xb224709f…20d5d1

Deposit to FixedFloat Transactions:

https://etherscan.io/tx/0x8e585378…8c7412

https://etherscan.io/tx/0xaab2a567…eb2219

Incident Report

Protocol / Project GGBOND

Date of Incident August 11, 2023

Attack Technique Rugpull

Classification Token

Primary Source View Post-Mortem

Protocol Information

Protocol Type Dexs

Affected Token GGBOND

Official Website bondonblockchain.com/

Protocol Twitter/X @blockchainyield

Team Anonymous

Source Code Verified On-Chain

Market Context at Time of Hack

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 GGBOND'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 GGBOND, these are the critical security checks that could have prevented this incident (August 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

01
Source 1 https://twitter.com/certikalert/status/1690044420182224896?s=46

Threat Assessment

Severity Level

LOW

Attack Vector Rugpull
Root Cause Token
Year 2023

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