Incident Overview
On May 25th, SHIDAO was rug pulled for ~$180K. The project falsified the CertiK audit in order to gain the trust of its customers and lure them to rugpool.
Rug funding address: https://bscscan.com/address/0x1815b580…4C5d7f which distributed BNB for a tx fee, funds approximately 25 other addresses with 0.02 BNB for token sales.
The ShiD tokens are then distributed by the contract https://bscscan.com/address/0xC86D17c7…0Ea9A1 to all the addresses. After funding completes, the wallets sold their tokens.
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 SHIDAO, these are the critical security checks that could have prevented this incident (May 2022).
- 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.
Free TrialSources & References
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Source 1 https://twitter.com/SHIIIIDAO
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