June 9th, 2023
In June 2023, the USEA project performed a rug pull. The project team stole an estimated $1.1 million via a malicious mint.
The USEA token is hosted on BNB Chain, and the deployer performed a rug pull using the mint function within the token contract. By minting approximately 700 million USEA tokens, the deployer was able to steal an estimated $1.1 million.
After the mint, the tokens were transferred to EOA addresses. From there, the attacker used PancakeSwap v3 to convert the tokens into 1114468 BUSD.
The USEA is another in a long string of rug pulls. This hack demonstrates the risks associated with centralized control of a tokens mint function. An attacker or insider can use this function to create new tokens and devalue the currency.
Scam projects and rug pulls are a regrettably common problem in the crypto space. To learn more about how to avoid these attacks, check out our blog on the warning signs of an exit scam.