Incident Overview
The Pragma Money team announced that the project was rug pulled for 1,500,000 $USD worth of $FTM
Pragma Money is DeFi protocol that provides staking and other features on Fantom. The team announced on Discord that $wFTM and $FTM assets worth 1,500,000 $USD were drained from the project's Treasury and Team Wallets. The culprit in this incident appeared be a team member.
Although, other team members had to sign off on the transaction.
Address of the team wallet: https://ftmscan.com/address/0x58840ef9…7e29d5
0x81d3ec77438b4e99aa99ba25b1dbc3fea317fe3b0x81d3ec77438b4e99aa99ba25b1dbc3fea317fe3b
Incident Report
Protocol Information
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.
What Auditors Should Check
If you're auditing a protocol with similar architecture to Pragma Money, these are the critical security checks that could have prevented this incident (May 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.
Free TrialSources & References
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01
Source 1 https://archive.is/g5QFw
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02
Source 2 https://archive.is/zKjHW
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