How much was lost in the Verify hack?

The Verify hack resulted in $25K in losses on June 08, 2022.

What attack technique was used in the Verify exploit?

The Verify 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.

Verify Hack

TOTAL LOST $25K

Low Jun 08, 2022 Rugpull

Affected Chain 2022 Incident surface

Recovered - No recovery reported

All-Time Rank #1860 By amount stolen

Protocol Type Exit Scam/Rugpull Target category

Incident Overview

Verify token has been rugged, all social networks down. Totally 90 BNB were stolen.

Address https://bscscan.com/address/0x2a9cfe45…8ff034 received about 2.8B VRFY tokens from RD address and charity address. 0xbb04e84b…a22e14 and 0x6ca72c73…05f80e respectively.

The attacker swapped all VRFY to 90BNB: https://bscscan.com/token/0x3f52ff31…e79401?a=0x2a9cfe45…8ff034

Incident Report

Protocol / Project Verify

Date of Incident June 08, 2022

Attack Technique Rugpull

Classification Other

Protocol Information

Protocol Type Exit Scam/Rugpull

Affected Token VRFY

Team Anonymous

Source Code Verified On-Chain

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 Verify's contract logic - root cause: other

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 Verify, these are the critical security checks that could have prevented this incident (June 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.

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Sources & References

01
Web Archive https://web.archive.org/web/20220509225104/http://www.verifytoken.net/

Threat Assessment

Severity Level

LOW

Attack Vector Rugpull
Root Cause Other
Year 2022

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