stablemagnet rugpull

About

the stablemagnet rugpull was different from other rugpulls because it took advantage of a novel vector. block explorers like etherscan and bscscan perform code verification that ensures that the source code posted to them matches the actual code stored on the blockchain. however, as demonstrated by the stablemagnet rugpull, etherscan and bscscan do not perform verification of linked libraries when verifying the correctness of posted source code. the stablemagnet owners took advantage of this oversight to hide a backdoor in their smart contract that enabled them to drain value from the protocol. also, the hidden backdoor enabled the attackers to transfer more tokens to all wallets that had approved stablemagnet, enabling the attackers to steal even more value from its users.

Realated Organization

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• Online