How much was lost in the IEGT hack?

The IEGT hack resulted in $1.1M in losses on July 22, 2023.

What attack technique was used in the IEGT exploit?

The IEGT 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.

IEGT Hack

TOTAL LOST $1.1M

Medium Jul 22, 2023 Rugpull

Affected Chain 2023 Incident surface

Recovered - No recovery reported

All-Time Rank #806 By amount stolen

Protocol Type Exit Scam/Rugpull Target category

Incident Overview

Quick Summary

IEGT token was rugpulled by selling excess tokens leading to a loss of 1,143,775 $USD.

Details of the Exploit

IEGT is a BEP20 token trading on PancakeSwap. The scammer manipulated the token supply and sold 1,000,000,000 IEGT tokens, despite the total token supply showing only 5,000,000. After the sale, the funds were transferred to another address, which is currently holding the majority of the stolen funds.

Smaller portions of the funds were sent to several other EOA addresses. The total loss from this exploit is estimated at 1,143,775 $USD.

Block Data Reference

Scammer's Address:

https://bscscan.com/address/0x00002b9b…7b5b56

Funds Holder Address:

https://bscscan.com/address/0x00000048…c34fed

Liquidity Draining Transaction:

https://bscscan.com/tx/0x9cea0bd3…e1e2ca

Incident Report

Protocol / Project IEGT

Date of Incident July 22, 2023

Attack Technique Rugpull

Classification Token

Primary Source View Post-Mortem

Protocol Information

Protocol Type Exit Scam/Rugpull

Affected Token IEGT

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 IEGT'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 IEGT, these are the critical security checks that could have prevented this incident (July 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/CertiKAlert/status/1684210839983644676

Threat Assessment

Severity Level

MEDIUM

Attack Vector Rugpull
Root Cause Token
Year 2023

Learn to Prevent the Next IEGT

The IEGT 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