Magix Hack

TOTAL LOST $188K
Low Rugpull ethereum

Summarize with AI

ChatGPT Perplexity Claude Grok
Affected Chain ethereum Incident surface
Recovered - No recovery reported
All-Time Rank #1323 By amount stolen
Protocol Type Exit Scam/Rugpull Target category

Incident Overview

The project was holding a fundraising event using MagixPresale smart contract, which received 332.9 ETH. List of received transactions:

https://bloxy.info/txs/transfers_to/0x0f60125c…336278?currency_id=1

106.5 ETH was added to the initial liquidity by the proxy contract:

https://etherscan.io/tx/0xfedb5f90…b4ac47

264.5 ETH was deposited to the Tornado Cash mixer at:

https://etherscan.io/address/0xd01674a8…c8a25e

https://etherscan.io/address/0x0a77eb9b…83b88e

The contract deployer received LP tokens from the proxy contract, which added the initial liquidity earlier:

https://etherscan.io/tx/0x21ff6db5…5f1b98

The liquidity was removed by the contract deployer few times:

https://etherscan.io/tx/0x33751572…11048b

https://etherscan.io/tx/0xba6e28ac…4701f0

https://etherscan.io/tx/0xd038ac5b…d0f784

https://etherscan.io/tx/0x8a1c9f13…df2e37

Incident Report

Protocol / Project Magix
Date of Incident
Affected Chain(s) ethereum
Attack Technique Rugpull
Classification Other
Primary Source View Post-Mortem

Protocol Information

Protocol Type Exit Scam/Rugpull
Affected Token MAGX
Official Website magix.finance/
Protocol Twitter/X @magixprotocol

Market Context at Time of Hack

Token Categories
Communications & Social Media AI & Big Data Ethereum Ecosystem Web3 Generative AI Telegram Bot AI Applications
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 ethereum smart contracts and deploy a custom exploit contract
Protocol Analysis Identification of the exploitable vulnerability in Magix's contract logic - root cause: other
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 Magix, these are the critical security checks that could have prevented this incident (December 2020).

  • 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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