How much was lost in the Goldbank Finance hack?

The Goldbank Finance hack resulted in $75K in losses on June 11, 2023.

What attack technique was used in the Goldbank Finance exploit?

The Goldbank Finance 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.

Goldbank Finance Hack

TOTAL LOST $75K

Low Jun 11, 2023 Rugpull

Affected Chain 2023 Incident surface

Recovered - No recovery reported

All-Time Rank #1616 By amount stolen

Auditors 1 Prior security audit

Incident Overview

Quick Summary

Goldbank Finance was exploited in an exit scam, with liquidity and token drain amounting to 75,239 $USD.

Details of the Exploit

Goldbank Finance (GB) is a token trading on SushiSwap on the Arbitrum chain. The deployer removed liquidity from the pool, acquiring 27,414 $USD and 884,557 $GB. Another EOA address, suspected to be owned by the same deployer, altered the implementation of the UniTroller contract, sending 49,000,000 $GB tokens to the deployer.

Consequently, the deployer drained a substantial amount of liquidity from the SushiSwap pool in a single transaction, receiving 47,825 $USD. The stolen amount was then moved through multiple addresses post-incident, resulting in a total loss of approximately 75,239 $USD.

Block Data Reference

Deployer Address:

https://arbiscan.io/address/0xe5df1147…976a6a

Unitroller Admin Address:

https://arbiscan.io/address/0x946c72b4…c0d188

Liquidity Removal Transaction:

https://arbiscan.io/tx/0xdaac092f…9f8694

Liquidity Drain Transaction:

https://arbiscan.io/tx/0xfbd863d3…56b492

Unitroller Malicious Implementation:

https://arbiscan.io/address/0xfa822143…2835ae

Unitroller Address:

https://arbiscan.io/address/0x537A09Fd…02308c

Tokens Transfer Transaction:

https://arbiscan.io/tx/0xdd12c8ef…d623eb

Incident Report

Protocol / Project Goldbank Finance

Date of Incident June 11, 2023

Attack Technique Rugpull

Classification Token

Primary Source View Post-Mortem

Protocol Information

Protocol Type Lending

Affected Token GB

Official Website www.goldbank.finance/

Protocol Twitter/X @GBdotFi

Team Anonymous

Source Code Unverified

Market Context at Time of Hack

Token Categories

Avalanche Ecosystem

Protocol Links

GitHub Discord

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 Goldbank Finance'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

Audited by Audit Report 1 — still lost $75K. Prior audits don't guarantee safety, especially after post-audit code changes.

If you're auditing a protocol with similar architecture to Goldbank Finance, these are the critical security checks that could have prevented this incident (June 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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Security Audit History

Audit Report 1 Report

Sources & References

01
Source 1 https://twitter.com/DeDotFiSecurity/status/1668274500775936004?s=20

Threat Assessment

Severity Level

LOW

Attack Vector Rugpull
Root Cause Token
Year 2023

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