Slurpycoin Buyback Mechanism Sandwich Arbitrage Exploit

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Slurpycoin

SlurpyCoin ($SLURPY) is a cryptocurrency with a unique "self-slurping" mechanism, which combines automatic buybacks and burns to reduce supply and potentially increase the coin's price. A portion of each transaction is redistributed to holders, and a portion is held in the contract until enough tokens are stored to be sold for BNB. After 200 sales, the stored BNB is used to buy and burn $SLURPY tokens, creating a cycle of self-sustaining growth. While SlurpyCoin offers a fun, community-driven vibe, it was recently targeted in an attack where the attacker manipulated the price, profiting around $3,000. The project appears to have been abandoned at some point after December 2021.[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19]

About SlurpyCoin

SlurpyCoin ($SLURPY) is a unique cryptocurrency that features a self-slurping mechanism, which combines automatic buybacks and burns to reduce supply and potentially increase the coin's price. With each transaction, 3% is redistributed to holders, and 2% is held in the contract until enough $SLURPY is stored to be sold for BNB. After 200 sales, the BNB is used to buy and burn $SLURPY tokens. This innovative approach, called "slurponomics," aims to create a cycle of self-sustaining growth. SlurpyCoin is currently available for trading on PancakeSwap and offers a fun community vibe, including a song contest for an airdrop.

"SlurpyCoin ($SLURPY) uses a never before seen slurponomics system to not only create tasty dips, but slurp them up itself. Here’s how it works: 3% of every transaction is redistributed to token holders. 2% of every transaction is held in the contract until 100k $SLURPY is stored, which it will then sell for BNB. That BNB is then held by the contract, and after it has sold $SLURPY 200 times, the contract then uses all of the stored BNB to buy and burn $SLURPY, effectively slurping its own dip."

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

Slurpycoin on the Binance Smart Chain was targeted by a flash loan attack, where the attacker exploited the token's buyback mechanism to manipulate its price and made around $3,000 through sandwich arbitrage.

Key Event Timeline - Slurpycoin Buyback Mechanism Sandwich Arbitrage Exploit
Date Event Description
June 24th, 2021 7:52:38 PM MDT SlurpyCoin Token Initial Launch The Slurpycoin token is first launched on the Binance Smart Chain.
December 10th, 2021 5:26:00 PM MST SlurpyCoin Final Tweet SlurpyCoin retweets their final tweet prior to at least 3 years of silence.
December 18th, 2024 1:15:16 PM MST Exploit Transaction Completed The exploit transaction is completed on Binance Smart Chain.
December 18th, 2024 8:07:00 PM MST CertiK Posts Alert CertiK posts an alert about the incident including screenshots of the transaction. The actual URL of the transaction is not included.

Technical Details

This attack is also linked to a previous vulnerability that resulted in a loss of approximately $10,000 in MintRisesPrices (WMRP) tokens on July 2nd.

Total Amount Lost

Amount of loss: $ 3,000

The total amount lost has been estimated at $3,000 USD.

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

What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

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

  1. ↑ BSC上Slurpycoin遭闪电贷攻击，攻击者利用回购机制操纵代币价格获利_快讯-odaily (Accessed Jan 28, 2025)
  2. ↑ @CertiKAlert Twitter (Accessed Jan 28, 2025)
  3. ↑ BNB Smart Chain Transaction Hash (Txhash) Details | BscScan (Accessed Jan 28, 2025)
  4. ↑ BNB Smart Chain Transaction Hash (Txhash) Details | BscScan (Accessed Jan 28, 2025)
  5. ↑ @lunaray_co Twitter (Accessed Jan 28, 2025)
  6. ↑ @AltCoinsProf Twitter (Accessed Jan 28, 2025)
  7. ↑ @Dex_Crypto_coin Twitter (Accessed Jan 28, 2025)
  8. ↑ @Miss_Lee911 Twitter (Accessed Jan 28, 2025)
  9. ↑ @CryptoMonger762 Twitter (Accessed Jan 28, 2025)
  10. ↑ @CertiK_CN Twitter (Accessed Jan 28, 2025)
  11. ↑ Slurpycoin (SLURPY) Token Tracker | BscScan (Accessed Jan 28, 2025)
  12. ↑ SlurpyCoin | Address 0x72c114a1a4abc65be2be3e356eede296dbb8ba4c | BscScan (Accessed Jan 28, 2025)
  13. ↑ BNB Smart Chain Transaction Hash (Txhash) Details | BscScan (Accessed Jan 28, 2025)
  14. ↑ @JRKoff Twitter (Accessed Jan 28, 2025)
  15. ↑ @snakehunter777 Twitter (Accessed Jan 28, 2025)
  16. ↑ SlurpyCoin (Accessed Jan 28, 2025)
  17. ↑ SlurpyCoin (Accessed Jan 28, 2025)
  18. ↑ @slurpycoin Twitter (Accessed Jan 28, 2025)
  19. ↑ Slurpycoin exploiter | Address 0x132D9bbDBE718365aF6Cc9e43bac109A9A53B138 | BscScan (Accessed Jan 28, 2025)
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