How much was lost in the GUIDO The Mechanics hack?

The GUIDO The Mechanics hack resulted in $63K in losses on June 17, 2023.

What attack technique was used in the GUIDO The Mechanics exploit?

The GUIDO The Mechanics 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.

GUIDO The Mechanics Hack

TOTAL LOST $63K

Low Jun 17, 2023 Rugpull

Affected Chain 2023 Incident surface

Recovered - No recovery reported

All-Time Rank #1662 By amount stolen

Protocol Type Exit Scam/Rugpull Target category

Incident Overview

Quick Summary

GUIDO The Mechanics ($GUIDO) suffered a rugpull by deployer-related EOA, losing 62,695 $USD.

Details of the Exploit

$GUIDO, an ERC20 token, experienced a significant liquidity drain from the UniSwap pool by an EOA address related to the token's deployer. The scammer was able to steal approximately 36 $ETH, which at the time was worth around 62,695 $USD. The stolen funds were subsequently moved across multiple EOA addresses.

Block Data Reference

Deployer Address:

https://etherscan.io/address/0x5A39b896…BB64fe

Scammer Address:

https://etherscan.io/address/0xF6B87e61…Bff8BA

Liquidity Drain Transaction:

https://etherscan.io/tx/0x8c444527…1946e5

Funds Moving Transaction:

https://etherscan.io/tx/0x08a9c31d…2f8ee5

Incident Report

Protocol / Project GUIDO The Mechanics

Date of Incident June 17, 2023

Attack Technique Rugpull

Classification Token

Primary Source View Post-Mortem

Protocol Information

Protocol Type Exit Scam/Rugpull

Affected Token GUIDO

Official Website guidothemechanics.xyz/

Team Anonymous

Source Code Verified On-Chain

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 GUIDO The Mechanics'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 GUIDO The Mechanics, 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.

Free Trial

Sources & References

01
Source 1 https://twitter.com/DeDotFiSecurity/status/1670764846432899072?s=20

Threat Assessment

Severity Level

LOW

Attack Vector Rugpull
Root Cause Token
Year 2023

Learn to Prevent the Next GUIDO The Mechanics

The GUIDO The Mechanics hack is one of many attacks that skilled auditors are trained to detect before deployment. Master real exploit patterns and defense techniques with hands-on Web3 security training.

Start Free Trial Browse Attack Library