MFT Token Contract Flawed Transfer Logic: Difference between revisions
(Created page with "{{Imported Case Study With About|source=https://www.quadrigainitiative.com/casestudy/mfttokencontractflawedtransferlogic.php}} {{Unattributed Sources}} thumb|Binance Smart ChainMFT was a smart contract in the Binance Smart Chain. On November 17th, a vulnerability in the smart contract was exploited. The attacker ultimately transferred their gains into another token trading pair that they created.<ref name="bscscan-17099" /><ref name="Malicio...") |
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[[File:Binancesecurity.jpg|thumb|Binance Smart Chain]]MFT was a smart contract in the Binance Smart Chain. On November 17th, a vulnerability in the smart contract was exploited. The attacker ultimately transferred their gains into another token trading pair that they created.<ref name="bscscan-17099" /><ref name="Malicious Smart Contract-17100" /><ref name="bscscan-17101" /><ref name="tenarmoralerttwitter-17102" /><ref name="bscscan-17103" /> | [[File:Binancesecurity.jpg|thumb|Binance Smart Chain]]MFT was a smart contract in the Binance Smart Chain. On November 17th, a vulnerability in the smart contract was exploited. The attacker ultimately transferred their gains into another token trading pair that they created.<ref name="bscscan-17099" /><ref name="Malicious Smart Contract-17100" /><ref name="bscscan-17101" /><ref name="tenarmoralerttwitter-17102" /><ref name="bscscan-17103" /><ref name="unnamed-17204" /> | ||
== About MFT == | == About MFT == | ||
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<ref name="tenarmoralerttwitter-17102">[https://twitter.com/TenArmorAlert/status/1858351609371406617 @TenArmorAlert Twitter] (Accessed Jan 8, 2025)</ref> | <ref name="tenarmoralerttwitter-17102">[https://twitter.com/TenArmorAlert/status/1858351609371406617 @TenArmorAlert Twitter] (Accessed Jan 8, 2025)</ref> | ||
<ref name="bscscan-17103">[https://bscscan.com/address/0x84b45294404c165e9cc60b69fc9be3ac97db1aab Contract Address 0x84b45294404c165e9cc60b69fc9be3ac97db1aab | BscScan] (Accessed Jan 8, 2025)</ref></references> | <ref name="bscscan-17103">[https://bscscan.com/address/0x84b45294404c165e9cc60b69fc9be3ac97db1aab Contract Address 0x84b45294404c165e9cc60b69fc9be3ac97db1aab | BscScan] (Accessed Jan 8, 2025)</ref> | ||
<ref name="unnamed-17204">[https://bscscan.com/token/0x904cb82ebb023c667778f4cce212ac2d79925f62 MFT (MFT) Token Tracker | BscScan] (Accessed Jan 16, 2025)</ref></references> | |||
Latest revision as of 16:26, 16 January 2025
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MFT was a smart contract in the Binance Smart Chain. On November 17th, a vulnerability in the smart contract was exploited. The attacker ultimately transferred their gains into another token trading pair that they created.[1][2][3][4][5][6]
About MFT
MFT is a smart contract in the Binance Smart Chain.
The Reality
This sections is included if a case involved deception or information that was unknown at the time. Examples include:
- When the service was actually started (if different than the "official story").
- Who actually ran a service and their own personal history.
- How the service was structured behind the scenes. (For example, there was no "trading bot".)
- Details of what audits reported and how vulnerabilities were missed during auditing.
What Happened
"The MFT (MFT) on BSC is suspected to have been attacked, resulting in a loss of approximately $33.7K."
| Date | Event | Description |
|---|---|---|
| November 17th, 2024 1:13:49 PM MST | Malicious Smart Contract Created | The malicious smart contract used by the attacker is created. |
| November 17th, 2024 1:17:16 PM MST | Binance Smart Chain Transaction | The exploit transaction happens on the Binance Smart Chain. |
Technical Details
"The root cause is in the flawed logic of transfer(), which will burn token from the pool when user trys to sell token.
so attacker first makes a few transfers to the pair to trigger the sell in the MFT transfer(), this setup makes sure the MFT balance of MFT token itself will not interfere the subsequent attack, and then buy a large amount of MFT, making the MFT balance of the pair really low, and then selling an equal amount of MFT again, and due to burn [mechanism], the pool is drained.
interestingly the attacker transfers all profit to a self-created pair of another token for no obvious reason, we have seen similar way of this handling a couple of times, indicating it is very likely from a seasoned attacker."
Total Amount Lost
The total amount lost has been estimated at $34,000 USD.
How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
Immediate Reactions
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?
Ultimate Outcome
"Our system has detected a suspicious attack involving #MFT on #BSC, resulting in an approximately loss of $33.7K."
Total Amount Recovered
There do not appear to have been any funds recovered in this case.
What funds were recovered? What funds were reimbursed for those affected users?
Ongoing Developments
What parts of this case are still remaining to be concluded?
Individual Prevention Policies
No specific policies for individual prevention have yet been identified in this case.
For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.
Platform Prevention Policies
Policies for platforms to take to prevent this situation have not yet been selected in this case.
For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.
Regulatory Prevention Policies
No specific regulatory policies have yet been identified in this case.
For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.
References
- ↑ BNB Smart Chain Transaction Hash (Txhash) Details | BscScan (Accessed Jan 8, 2025)
- ↑ Contract Address 0x6e088c3dd1055f5dd1660c1c64de2af8110b85a8 | BscScan (Accessed Jan 8, 2025)
- ↑ BNB Smart Chain Transaction Hash (Txhash) Details | BscScan (Accessed Jan 8, 2025)
- ↑ @TenArmorAlert Twitter (Accessed Jan 8, 2025)
- ↑ Contract Address 0x84b45294404c165e9cc60b69fc9be3ac97db1aab | BscScan (Accessed Jan 8, 2025)
- ↑ MFT (MFT) Token Tracker | BscScan (Accessed Jan 16, 2025)