How much was lost in the LOO hack?

The LOO hack resulted in $275K in losses on October 29, 2022.

What attack technique was used in the LOO exploit?

The LOO 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.

LOO Hack

TOTAL LOST $275K

Low Oct 29, 2022 Rugpull

Affected Chain 2022 Incident surface

Recovered - No recovery reported

All-Time Rank #1179 By amount stolen

Auditors 1 Prior security audit

Incident Overview

Quick Summary

LOO project was rugpulled by the deployer-related address. The scammer drained 275,117 $USD from the liquidity pool.

Details of the Exploit

LOO is a BEP20 token trading on PancakeSwap. The token deployer sent 1,050,000,000 $LOO tokens to an EOA address which drained the liquidity for 275,117 $USD in total. The stolen funds were transferred to another EOA address.

Block Data Reference

Scammer addresses:

https://bscscan.com/address/0xd9c37a0a…a43194

https://bscscan.com/address/0x36ec92f4…324d6a

https://bscscan.com/address/0xf88e124b…6c67b4

Token transfer transaction:

https://bscscan.com/tx/0xe5c67dff…b5aecd

Stolen funds transfer transaction:

https://bscscan.com/tx/0xed08f931…aeac5c

Incident Report

Protocol / Project LOO

Date of Incident October 29, 2022

Attack Technique Rugpull

Classification Token

Primary Source View Post-Mortem

Protocol Information

Protocol Type Leveraged Farming

Affected Token LOO

Official Website www.loopfi.xyz/

Protocol Twitter/X @loopfixyz

Team Anonymous

Source Code Verified On-Chain

Market Context at Time of Hack

Token Categories

Memes Solana Ecosystem

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 LOO'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 $275K. Prior audits don't guarantee safety, especially after post-audit code changes.

If you're auditing a protocol with similar architecture to LOO, these are the critical security checks that could have prevented this incident (October 2022).

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/CertiKAlert/status/1586138845698981891

Threat Assessment

Severity Level

LOW

Attack Vector Rugpull
Root Cause Token
Year 2022

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