Raccoon Swap Rug Pull

Reported loss Not disclosed
BNB Chain
Rugpull

What happened

Raccoon Swap was a BNB Chain DEX project whose RCO token, deployed on 9 April 2021, is a copy of PancakeSwap's CAKE token with two owner-only mint functions. A code comment says only the MasterChef should hold that power, but the token's owner, read on-chain in September 2026, is still the deployer address 0x362fE9e2…463503, which can create any amount of RCO at will. The code places no limits on transfers, so holders can always sell; the risk is dilution, since newly minted RCO can be sold into the pool and push the price down.

De.Fi's REKT database lists Raccoon Swap as an exit scam/rug pull on 26 August 2021, with the deployer's address as its proof, but its transfers could not be opened, so it is not established whether RCO was minted and sold or liquidity was removed.

How it happened

  1. The constructor inherited from Ownable makes the deployer the owner of the RCO token.
  2. The token has two mint paths guarded only by onlyOwner: mint(address _to, uint256 _amount) and the inherited mint(uint256 amount), which mints to the caller. Neither has a supply cap.
  3. The mint power is not held by a MasterChef or renounced: read in September 2026, owner() and getOwner() both return the deployer address.
  4. The owner can therefore mint new RCO to itself at any time and sell it into the RCO liquidity pool, taking the pool's paired tokens and diluting every holder.
  5. Separately from the token code, whoever holds the pool's LP tokens can withdraw the liquidity; the token contract does not restrict this.

Protocol details

Classification Exchange (DEX)
Protocol Type Exit Scam/Rugpull
Affected asset / contract RCO
Protocol links Website

Evidence

Same attack technique

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