How much was lost in the Meta Magic Coin hack?

The Meta Magic Coin hack resulted in $62K in losses on September 02, 2022.

What attack technique was used in the Meta Magic Coin exploit?

The Meta Magic Coin 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.

Meta Magic Coin Hack

TOTAL LOST $62K

Low Sep 02, 2022 Rugpull

Affected Chain 2022 Incident surface

Recovered - No recovery reported

All-Time Rank #1664 By amount stolen

Protocol Type Exit Scam/Rugpull Target category

Incident Overview

Quick Summary

Meta Magic Coin was rug pulled for the total amount of 62,224 $USD.

Details of the Exploit

Meta Magic Coin is a BEP20 token trading on PancakeSwap. The token price dumped >90% after liquidity was removed by the token owner. Consequently, the rugpulled amount of 62,224 $BUSD were transferred to another EOA address.

Block Data Reference

Address of owner:

https://bscscan.com/address/0x18492261…aca7de

Liquidity remove transaction:

https://bscscan.com/tx/0xea98ea53…fdf434

Address that holds stolen funds:

https://bscscan.com/address/0x387a6a92…337b26

Incident Report

Protocol / Project Meta Magic Coin

Date of Incident September 02, 2022

Attack Technique Rugpull

Classification Token

Primary Source View Post-Mortem

Protocol Information

Protocol Type Exit Scam/Rugpull

Affected Token MMC

Official Website metalmusiccoin.pw/

Protocol Twitter/X @metalmusiccoin

Team Anonymous

Source Code Verified On-Chain

Market Context at Time of Hack

Token Categories

Mineable

Protocol Links

GitHub

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 Meta Magic Coin'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 Meta Magic Coin, these are the critical security checks that could have prevented this incident (September 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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Sources & References

01
Source 1 https://archive.is/n86da

Threat Assessment

Severity Level

LOW

Attack Vector Rugpull
Root Cause Token
Year 2022

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