Incident Overview
A single wallet executed numerous rugpulls across 31 tokens, amassing approximately 547,066 $USD.
The Ethereum-based Serial Scammer operated a MEME coin factory, creating a total of 31 tokens. Each token created contained a privileged minting function. The scammer would add liquidity to facilitate purchases and then drain all the $WETH from the pool just a few days later. The funds lost were calculated as the current holdings of the scammer, totaling 255.16 $ETH and 33 $WETH.
The scammer utilized a token factory they themselves deployed, allowing them to generate these fraudulent tokens. A closer examination reveals a similar pattern in all the tokens created by the scammer. One such instance involved the removal of liquidity using a specific token, resulting in a substantial withdrawal of approximately 68k USD worth of ETH.
Scammer Address:
https://etherscan.com/address/0x6007d8d7…531c2a
Example of Token Creation:
https://etherscan.com/tx/0x68f142ef…f4f2cc
Example of Draining Transaction:
https://etherscan.com/tx/0xc9c21407…06758a
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 Serial Scammer, these are the critical security checks that could have prevented this incident (July 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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