Rapid Set Dollar Hack

TOTAL LOST $48K
Low Rugpull ethereum

Summarize with AI

ChatGPT Perplexity Claude Grok
Affected Chain ethereum Incident surface
Recovered - No recovery reported
All-Time Rank #1730 By amount stolen
Protocol Type Exit Scam/Rugpull Target category

Incident Overview

The contract deployer invoked new implementation to the token contract that caused mint onto 5 separate addresses at:

https://etherscan.io/tx/0x4a437898…2326f0

Token recipients:

1. 0xe11b4735…fE3Dd5 (contract deployer himself)

2. 0x3d107BEd…452263

3. 0xBb43A073…aA8369

4. 0xF2EE8af2…cc5349

5. 0x228552b0…6F51b3

1:

- sold tokens at ($6,133):

https://etherscan.io/tx/0xec5689a9…57ac77

- distributed tokens between other external wallets, which sold them on $40,440

2:

- added liquidity at:

https://etherscan.io/tx/0x178d5cee…e635e2

- removed liquidity with $932 profit:

https://etherscan.io/tx/0x536e814a…fcd055

3:

- transferred tokens to the token smart contract:

https://etherscan.io/address/0xbb43a073…aa8369#tokentxns

4:

- transferred tokens to the token smart contract:

https://etherscan.io/tx/0xdafa5031…4ea9eb

5:

- transferred tokens to the token smart contract:

https://etherscan.io/tx/0xc0b59e27…ea90a9

Incident Report

Protocol / Project Rapid Set Dollar
Date of Incident
Affected Chain(s) ethereum
Attack Technique Rugpull
Classification Stablecoin
Primary Source View Post-Mortem

Protocol Information

Protocol Type Exit Scam/Rugpull
Affected Token RSD
Official Website www.reservedollar.com/
Protocol Twitter/X @ReserveDollar

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 Rapid Set Dollar's contract logic - root cause: stablecoin
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 Rapid Set Dollar, these are the critical security checks that could have prevented this incident (December 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

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