The world of decentralized finance continues to face with severe security challenges. Hours after the attempted $600 million hack on the BNB Chain, Ethereum saw huge rug pull assaults. After the original hack, a malicious actor created a BNBHACKERINU token and the rug pulled it two hours later.

The initial hacker was able to steal close to $100 million in BNB tokens. The exploit occurred on the BSC cross-chain bridge. Changpeng Zhou, the CEO and founder of Binance and BNB Chain, advised users that the validators had suspended transactions on the BSC chain.

Rug Pull On Ethereum and Shiba \s@lorem, a Web3 developer, observed that a hostile actor manufactured phony tokens following the original hack on BNB. The address of the token deployer does not match that of the initial hacker of BNB Chain. However, the lead deployer variable in the contract does have the address matching the BNB hacker.

Lorem illustrates how the entire smart contract had a harmful coding structure. Firstly, the malicious actor had a function that allowed him to create an arbitrary amount of tokens. More crucially, three aspects of the smart contract permitted the hacker to transfer any holder’s token back to another account without any consent.

The hacker was able to wipe out close to $100K worth of Ethereum. He then tried the same strategies with a new token named HACKERSHIBA.

How To Prepare For Rug Pull Attacks
ZachXBT, an on-chain Web3 expert, indicates that the rug pull was not orchestrated by the initial BNB hacker. On the other side, they were spoof tokens, which are typical following a significant attack.

A web3 expert, foobar, explains that the rug pull strategy is an incredibly prevalent harmful method. He states that DeFi players should continuously be on the alert for such techniques.

Today’s hacks once again emphasize the necessity of security in the DeFi space. Security professionals are gearing ready to prioritize decentralization and security once again.