How much was lost in the TetherShiba hack?

The TetherShiba hack resulted in $105K in losses on March 07, 2022.

What attack technique was used in the TetherShiba exploit?

The TetherShiba exploit utilized Honeypot. 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.

TetherShiba Hack

TOTAL LOST $105K

Low Mar 07, 2022 Honeypot

Affected Chain 2022 Incident surface

Recovered - No recovery reported

All-Time Rank #1515 By amount stolen

Protocol Type Exit Scam/Honeypot Target category

Incident Overview

The contract deployer enabled the blacklist for users that prevents selling the token:

https://bscscan.com/tx/0x46b8d20f…1e30d6

Tokens were sold by the contract deployer in multiple transactions:

https://bscscan.com/address/0x1dc2607e…3f6b89#tokentxns

Stolen funds were deposited into Tornado Cash mixer:

https://explorer.bitquery.io/bsc/txs/transfers?sender=0x1dc2607e…3f6b89&currency=BNB

The token identifies as honeypot:

https://honeypot.is/?address=0xB463D04D…1Cd934

Incident Report

Protocol / Project TetherShiba

Date of Incident March 07, 2022

Attack Technique Honeypot

Classification Token

Primary Source View Post-Mortem

Protocol Information

Protocol Type Exit Scam/Honeypot

Affected Token TSHIB

Protocol Twitter/X @TetherShiba

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 honeypot 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 TetherShiba'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? Likely — with a thorough Honeypot audit checklist and test coverage

If you're auditing a protocol with similar architecture to TetherShiba, these are the critical security checks that could have prevented this incident (March 2022).

Verify all logic paths related to Honeypot 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/PeckShieldAlert/status/1500731588287426560

Threat Assessment

Severity Level

LOW

Attack Vector Honeypot
Root Cause Token
Year 2022

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