How much was lost in the Securedverse Copycat hack?

The Securedverse Copycat hack resulted in $131K in losses on June 09, 2023.

What attack technique was used in the Securedverse Copycat exploit?

The Securedverse Copycat 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.

Securedverse Copycat Hack

TOTAL LOST $131K

Low Jun 09, 2023 Rugpull

Affected Chain 2023 Incident surface

Recovered - No recovery reported

All-Time Rank #1431 By amount stolen

Protocol Type Exit Scam/Rugpull Target category

Incident Overview

Quick Summary

Securedverse copycat project was rugpulled, resulting in a loss of 131,133 $USD due to liquidity removal by a deployer-related EOA.

Details of the Exploit

Securedverse (SVC), a BEP20 token, became a victim of a rugpull executed by a related scammer. Initially, the deployer transferred 500,000,000 $SVC tokens to a distinct address that subsequently added the tokens to the PancakeSwap pool. After a day, this liquidity was removed and the pool was drained entirely by the scammer, allowing them to gain a profit of 131,133 $USD in $BNB.

The stolen funds currently reside in the scammer's address. Please note, Securedverse is a clone project and should not be confused with the original.

Block Data Reference

Deployer Address:

https://bscscan.com/address/0x525f1fbf…b22ae2

Scammer Address:

https://bscscan.com/address/0x82e7B460…a9CC1f

Token Transfer Transaction:

https://bscscan.com/tx/0xbe9cf5fd…d2f508

Liquidity Removal Transaction Example:

https://bscscan.com/tx/0xae5a2ad1…26b3bb

Incident Report

Protocol / Project Securedverse Copycat

Date of Incident June 09, 2023

Attack Technique Rugpull

Classification Token

Primary Source View Post-Mortem

Protocol Information

Protocol Type Exit Scam/Rugpull

Affected Token SVC

Team Anonymous

Source Code Unverified

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 Securedverse Copycat'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 Securedverse Copycat, 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/1667540499983474690

Threat Assessment

Severity Level

LOW

Attack Vector Rugpull
Root Cause Token
Year 2023

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