Nov 2024 - BSCGem Smart Contract Inflation Function Exploited - $17k (Global)
BSCGem is a smart contract on BSC. No further details could be determined.
"The root cause appears to be the interest mechanism within the token's transfer function. The attacker inflated the _interestAmount by repeatedly buying and selling tokens, ultimately extracting a significant amount of interest from the BSCGem contract, which they then sold for profit."
"resulting in an approximately loss of $17.3K."
"Our system has detected that #BSCGem on #BSC was attacked, resulting in an approximately loss of $17.3K."
"According to monitoring by the SlowMist Security Team, the BSCGem (BSCGem) on BSC is suspected to have been attacked, resulting in a loss of approximately $17.3K."
"We detected potential suspicious activity related to the interest function of $BSCGem (0x256B37c4000E2a327E4d3B10AeE244EA5d4A3668)."
Further Analysis
The BSCGem smart contract on the Binance Smart Chain appears to have been exploited for $17.3k due to a vulnerability in the inflation function of the contract. No further details could be located to suggest that the protocol had issued a public statement or was working to compensate affected users.
How Could This Have Been Prevented?
More Cryptocurrency Exchange Hacks/Scams/Frauds
Coinbase MainnetSettler Approval Issue Hold Token Theft 1 > > < < MFT Token Contract Flawed Transfer Logic
Sources/Further Reading
@SlowMist_Team Twitter (Dec 31)
BSCGem | Address 0x256B37c4000E2a327E4d3B10AeE244EA5d4A3668 | BscScan
(Dec 31)
@TenArmorAlert Twitter (Dec 31)
BNB Smart Chain Transaction Hash (Txhash) Details | BscScan
(Dec 31)
 t.me/QuadrigaInitiative
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 /r/QuadrigaInitiative
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 @QuadrigaInit
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 info@quadrigainitiative.com
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