PANews, October 22: SlowMist has issued a security alert stating that the NEM token contract NemTokenV2 was compromised, resulting in losses of approximately $821,920. The attacker exploited a vulnerability in the contract that failed to verify the settlement results of token exchanges. After transferring tokens into the liquidity pool, the attacker repeatedly executed the skim() and flushLpSellRecycle() functions 42 times, continuously depleting the liquidity pool reserves, then sold the remaining NEM at inflated prices to extract USDT. The attack targeted the PancakeSwap USDT/NEM trading pair. SlowMist has published the addresses of the attacker, the malicious contract, and the vulnerable NemTokenV2 contract.
NEM Token Contract Attacked, Losses Reach $821,920
PANewsShare
Summary
The NEM token contract NemTokenV2 was exploited, resulting in $821,920 in losses. The attacker manipulated the liquidity pool 42 times using the skim() and flushLpSellRecycle() functions, draining reserves and selling NEM at inflated prices on PancakeSwap’s USDT/NEM pair. The attack underscores risks in liquidity management and may affect the Fear & Greed Index among traders. SlowMist has disclosed the attacker’s address, the attack contract, and the vulnerable contract address.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.