How much was lost in the MTI Finance hack?

The MTI Finance hack resulted in $32K in losses on November 19, 2020.

What attack technique was used in the MTI Finance exploit?

The MTI Finance 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.

MTI Finance Hack

TOTAL LOST $32K

Low Nov 19, 2020 Rugpull ethereum

Affected Chain ethereum Incident surface

Recovered - No recovery reported

All-Time Rank #1815 By amount stolen

Protocol Type Derivatives Target category

Incident Overview

The contract deployer invoked mint() function to generate new tokens onto his wallet at:

https://etherscan.io/tx/0x48d8abe1…511d7e

The contract deployer started exchanging minted tokens on ETH:

https://bloxy.info/txs/references_address/0x98367e3a…8ea42f?argument=to&signature_id=1117797

Following that, he transferred 66 ETH to the external wallet:

https://etherscan.io/tx/0xafdc7249…7d38d9

The external wallet deposited funds to the KuCoin exchange wallet:

https://etherscan.io/tx/0x5b4798e8…b7906d

Incident Report

Protocol / Project MTI Finance

Date of Incident November 19, 2020

Affected Chain(s) ethereum

Attack Technique Rugpull

Classification Token

Primary Source View Post-Mortem

Protocol Information

Protocol Type Derivatives

Affected Token MTI

Official Website mti.finance/index.html

Protocol Twitter/X @finance_mti

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 MTI Finance'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 MTI Finance, these are the critical security checks that could have prevented this incident (November 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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Sources & References

01
Source 1 https://archive.ph/4psVb
02
de.fi Analysis https://t.me/defiyield_ann/243

Threat Assessment

Severity Level

LOW

Attack Vector Rugpull
Root Cause Token
Year 2020

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