How much was lost in the SAUDI Token hack?

The SAUDI Token hack resulted in $35K in losses on June 07, 2023.

What attack technique was used in the SAUDI Token exploit?

The SAUDI Token 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.

SAUDI Token Hack

TOTAL LOST $35K

Low Jun 07, 2023 Rugpull

Affected Chain 2023 Incident surface

Recovered - No recovery reported

All-Time Rank #1794 By amount stolen

Protocol Type Exit Scam/Rugpull Target category

Incident Overview

Quick Summary

SAUDI token project was rugpulled by the deployer after removing liquidity worth 79,555 $USD from UniSwap pool. The total funds lost in this exit scam is 35,331 $USD.

Details of the Exploit

SAUDI is an ERC20 token trading on UniSwap. The token experienced a significant liquidity removal event when its deployer added 25 $ETH as liquidity to the UniSwap pool and then removed it within a short period. The attacker was able to remove 43 $ETH which equates to roughly 79,555$ USD at current market rates.

Consequently, the scammer transferred stolen funds amounting to 35,331$ USD from their original address to another EOA address.

Block Data Reference

Scammer Address:

https://etherscan.io/address/0xf7A6BfD9…c0F515

Liquidity Adding Transaction:

https://etherscan.io/tx/0x9df59f8a…86a559

Liquidity Removal Transaction:

https://etherscan.io/tx/0x8a33a822…901919

Incident Report

Protocol / Project SAUDI Token

Date of Incident June 07, 2023

Attack Technique Rugpull

Classification Token

Primary Source View Post-Mortem

Protocol Information

Protocol Type Exit Scam/Rugpull

Affected Token SAUDI

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 SAUDI Token'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 SAUDI Token, these are the critical security checks that could have prevented this incident (June 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/DeDotFiSecurity/status/1666629822213128193

Threat Assessment

Severity Level

LOW

Attack Vector Rugpull
Root Cause Token
Year 2023

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