How much was lost in the mCoin hack?

The mCoin hack resulted in $144K in losses on June 27, 2023.

What attack technique was used in the mCoin exploit?

The mCoin 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.

mCoin Hack

TOTAL LOST $144K

Low Jun 27, 2023 Rugpull

Affected Chain 2023 Incident surface

Recovered - No recovery reported

All-Time Rank #1410 By amount stolen

Protocol Type CEX Target category

Incident Overview

Quick Summary

mCoin project faced an exitscam with 143,841 $USD lost via direct liquidity removal.

Details of the Exploit

mCoin is a BEP20 token that experienced an exitscam incident. The liquidity provider removed the liquidity directly from the pool for 609.44 $BNB, which was worth around 143,841 $USD at the time of the incident. The funds drained were then transferred to another EOA address and eventually deposited into Binance Exchange.

Block Data Reference

Scammer Address:

https://bscscan.com/address/0xed65cd98…bbb161

Liquidity Removal Transaction:

https://bscscan.com/tx/0x8ebcbfb3…476f68

Deposit Transaction:

https://bscscan.com/tx/0xad22a253…63c014

Incident Report

Protocol / Project mCoin

Date of Incident June 27, 2023

Attack Technique Rugpull

Classification Token

Primary Source View Post-Mortem

Protocol Information

Protocol Type CEX

Affected Token MCOIN

Official Website mcoinnetwork.com/

Protocol Twitter/X @mcoinofficials

Team Anonymous

Source Code Verified On-Chain

Market Context at Time of Hack

Token Categories

Memes BNB Chain 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 mCoin'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 mCoin, 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.

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Sources & References

01
Source 1 https://twitter.com/CertiKAlert/status/1673748026274484226?s=20

Threat Assessment

Severity Level

LOW

Attack Vector Rugpull
Root Cause Token
Year 2023

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