How much was lost in the MIKE and SID Tokens hack?

The MIKE and SID Tokens hack resulted in $170K in losses on July 03, 2023.

What attack technique was used in the MIKE and SID Tokens exploit?

The MIKE and SID Tokens 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.

MIKE and SID Tokens Hack

TOTAL LOST $170K

Low Jul 03, 2023 Rugpull

Affected Chain 2023 Incident surface

Recovered - No recovery reported

All-Time Rank #1356 By amount stolen

Protocol Type Exit Scam/Rugpull Target category

Incident Overview

Quick Summary

MIKE and SID tokens suffered from a rugpull, performed by the same EOA, causing a loss of 169,652 $USD.

Details of the Exploit

Two ERC20 tokens, MIKE and SID, experienced a rugpull from an EOA address connected with both token deployers. The perpetrator utilized a backdoor function to mint and swap a large amount of tokens. The MIKE/WETH pool was drained for 50.44 $ETH, worth around 98,095 $USD, and the SID/WETH pool was drained for 37.38 $ETH, worth approximately 71,557 $USD at the time of the incident.

All the stolen funds were transferred to two EOA addresses.

Block Data Reference

Scammer Address:

https://etherscan.io/address/0xF7E0d995…28F79D

Liquidity Drain Transactions:

https://etherscan.io/tx/0xc70c66d1…977e63

https://etherscan.io/tx/0x4047eb8b…aabb30

Funds Transfer Transactions:

https://etherscan.io/tx/0xbdd481c5…7593ae

https://etherscan.io/tx/0x3889e410…329c1e

Incident Report

Protocol / Project MIKE and SID Tokens

Date of Incident July 03, 2023

Attack Technique Rugpull

Classification Token

Primary Source View Post-Mortem

Protocol Information

Protocol Type Exit Scam/Rugpull

Affected Token MIKE

Team Anonymous

Source Code Verified On-Chain

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 MIKE and SID Tokens'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 MIKE and SID Tokens, these are the critical security checks that could have prevented this incident (July 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/BeosinAlert/status/1676057831550906368

Threat Assessment

Severity Level

LOW

Attack Vector Rugpull
Root Cause Token
Year 2023

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