$450 000 USD

NOVEMBER 2024

GLOBAL

BGM

DESCRIPTION OF EVENTS

BGM is a smart contract on the Binance Smart Chain. Very limited information can be found about the history of this token.

 

"The token rewards invitees when tokens are transferred between EOAs. This mechanism can be exploited if multiple user have the same invitee address, which can artificially inflate userInvitorEarn[addr]."

 

"The reward can be withdrawn by calling the withdraw function, which directly transfer the reward tokens from the pair, functioning similarly to a burn mechanism that attacker exploited."

 

"Today's #BGM incident on #BSC @BNBCHAIN appears to be a well-planned attack. The attacker(0x7824) prepared this attack about three days in advance! The root cause lies in the reward mechanism for tokens inviters. Let's break it down"

 

Explore This Case Further On Our Wiki

BGM is a token launched on BSC (Binance Smart Chain). This project has limited public presence. On November 10th, a complex attack was launched on the token which included price manipulation and large batch transactions. There was an estimated $450k lost. It's unclear what will be happening for affected users in this case.

Sources And Further Reading

 For questions or enquiries, email info@quadrigainitiative.com.

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