$1 Million Stolen Memecoin in a Transaction: By Hackers
On October 7, 2023, a hacker managed to steal over $1 million worth of the memecoin WSM from the EvilPepe wallet. This is the latest in a series of high-profile hacks of memecoin projects, and it raises serious questions about the security of these investments.
The attack began with the hacker exploiting a vulnerability in the EvilPepe smart contract. This allowed them to mint a large number of WSM tokens and then transfer them to their own wallet. The hacker then used a decentralized exchange to sell the WSM tokens for ETH.
The entire attack took place in a matter of minutes, and the EvilPepe team was unable to stop it. This is because memecoin projects are often developed by small teams with limited resources. As a result, they are often vulnerable to attack.
The latest bad memecoin transaction is a reminder that investors should be careful before investing in these projects. Memecoins are highly volatile and risky investments, and there is a high risk of losing money.
Technical Analysis of the Attack
The hacker exploited a vulnerability in the EvilPepe smart contract that allowed them to mint a large number of WSM tokens. This vulnerability was caused by a race condition in the smart contract code.
A race condition is a type of bug that occurs when two or more threads of execution are trying to access the same data at the same time. In this case, the hacker was able to exploit the race condition to mint WSM tokens before the EvilPepe team had a chance to stop them.
Once the hacker had minted the WSM tokens, they were able to transfer them to their own wallet and then sell them for ETH on a decentralized exchange.
Lessons Learned
The latest bad memecoin transaction is a reminder that investors should be careful before investing in these projects.
Investors should carefully review the smart contracts of any memecoin project before investing. They should also be aware of the risks associated with investing in these projects, such as the risk of hacks, rug pulls, and scams.
