Incident Overview
The attack description:
1. Deploying MasterChef
2. Setting MasterChef ownership to the unverified smart contract:
https://bscscan.com/tx/0xdc7478ac…7ca13b
3. Unverified contract was set as the migrator:
https://bscscan.com/address/0xf5b2f301…9f563f
4. Calling migrate function on each pool, even without any tokens already staked, this call still grants an infinite amount of allowance to the current migrator, which is the unverified contract.
5. Setting migrator back to 0x0000000 (this covers up their tracks that something fishy already happened)
6. Transfering MasterChef ownership to the Timelock contract
7. Executing rug pull method in the unverified contract:
https://bscscan.com/tx/0xaab125fa…a969da
Incident Report
Protocol Information
Market Context at Time of Hack
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.
What Auditors Should Check
If you're auditing a protocol with similar architecture to HoneySwap.Fi, these are the critical security checks that could have prevented this incident (February 2021).
- 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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