Ultimate Set Dollar Hack

TOTAL LOST
Rugpull ethereum

What happened

The minter of the token contract is an upgradable proxy contract. Upgradable proxy was used as MasterChef contract: https://etherscan.io/address/0x61ee8806…ad933d

The contract deployer added initial liquidity at:

https://etherscan.io/tx/0x76950cb7…635e81

The unverified contract addressed the proxy contract by calling rebase() function 12 times:

https://etherscan.io/address/0x4d01e888…cd7d76#tokentxns

This led to the token mint directly onto the unverified contract, which finally sold minted tokens at:

https://etherscan.io/tx/0xd1388359…cb4b63

The proxy contract was able to mint tokens by calling advance() function:

https://etherscan.io/tx/0xa02b66f1…a3dd87

Case & protocol details

Classification Stablecoin
Protocol Type Exit Scam/Rugpull
Affected asset / contract ULD
Official Website ultimateset.finance/
Protocol Twitter/X @ULDfinance

Evidence & learning

Sources and on-chain records

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