Meta Magic Coin Rug Pull

Reported loss $62K
Rugpull

What happened

Meta Magic Coin (MMC) is a BEP-20 token on BNB Chain that traded against USDT on PancakeSwap. De.Fi's REKT database records that the token owner removed liquidity, the price fell more than 90%, and $62,224 in stablecoins was moved to another address. Liquidity removal does not need any token-code trick: the account that supplied liquidity holds the LP tokens and can redeem them at any time. The token code adds further owner powers: the owner can set the buy and sell fee percentages to any value with no cap, choose where marketing fees go, and exempt any address from fees.

Addresses from the record: owner 0x18492261…aca7de; liquidity removal transaction 0xea98ea53…fdf434; address holding the removed funds 0x387a6a92…337b26.

How it happened

  1. The constructor mints the full 2,000,000,000 MMC supply to the deployer and creates a PancakeSwap pair with USDT, which it marks in automatedMarketMakerPairs.
  2. Transfers into a marked pair are taxed as sells: the recipient receives 100 - _chuNftRate - _chuYingxiaoRate - _chuLpRate percent, and the rest goes to the token contract and the marketing address. Transfers out of a pair are taxed as buys in the same way.
  3. The owner can change every rate through setChunftRate, setChuLpRate, setChuYingxiaoRate, setRuNftRate and setRuYingxiaoRate, none of which has a limit. Rates summing to 100 leave the seller's pool deposit at zero, and rates summing to more than 100 make the subtraction revert, so every taxed sell fails.
  4. The owner can redirect the marketing share with setYingxiaoAddress, exempt chosen addresses with excludeFromFee, and mark any address as a pair with setAutomatedMarketMakerPair.
  5. According to De.Fi's REKT database, the owner removed liquidity on September 2, 2022, the price dropped more than 90%, and $62,224 was sent to 0x387a6a92…337b26.

Protocol details

Classification Token
Protocol Type Exit Scam/Rugpull
Affected asset / contract MMC
Protocol links Website @metalmusiccoin

Evidence

Same attack technique

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