PeckShield Alert: Exploitation the SwapXProxy token approval

Recently, PeckShield Alert detected two exploiters,0xa31674e960dba2ced7afcc431ea176fc080ad36a and 0xdead40082286f7e57a56d6e5efe242b9ac83b137, who have been continuously exploiting the SwapXProxy token approval issue and have managed to grab approximately $700K within the last five days. It is a concerning development that highlights the importance of understanding the security of smart contracts, especially those that involve the transfer of tokens and other digital assets.

The token approval issue exploited by the two addresses directly impacts users of the SwapXProxy platform. The exploiters were able to manipulate the system to gain access to funds, which could result in significant financial losses for these users. This type of activity also can create a negative perception of the platform, as it may be vulnerable to external actors.

PeckShield Exploit Analysis

We need to look at the addresses involved to understand the exploit better. The first address, 0xf3e3ae9a40ac4ae7b17b3465f15ecf228ef4f760, is the account the exploiters use to view transactions, balances, token holdings, and transfers of both BEP-20 and BNB Smart Chain tokens. This address is associated with an individual or group exploiting the SwapXProxy token approval issue. The second address, 0x7d192fa3a48c307100c3e663050291fff786aa1f, is also associated with the exploiters, as it is the page used to view transactions, balances, token holdings and transfers of both BEP-20 and BNB Smart Chain tokens.

It is important to note that third-party security solutions are available to help protect users from malicious actors. BscScan is the leading blockchain explorer. Besides tracking transactions and verifying smart contracts, BscScan is also the leading validator for BSC. It can detect suspicious activity on the Binance Smart Chain and alert users when their funds get transferred.

The PeckShieldAlert discovery of two exploiters continuously exploiting the SwapXProxy token approval issue highlights the importance of understanding the security of smart contracts, especially those that involve the transfer of tokens and other digital assets. Users must protect their funds using third-party security solutions like BscScan, which will help ensure they are secure and not vulnerable to malicious activities.