Art Coin LP Vulnerability: $331.00K Reported Loss
The encrypted art platform Art Coin deployed a liquidity pool (LP pool) on Uniswap V3 on May 7.
- Reported loss
- $ 331,000
- Attack category
- LP Vulnerability
Incident Overview
After a user discovered a loophole in the pre-sale process of Art Coin’s ART token Uniswap V3, he immediately sold the ART he bought at 0.01 ETH during the pre-sale period, and obtained 181 ETH in the liquidity, worth about 331,000 US dollars. Some have questioned the legitimacy of the user's actions, saying the user performed a Rug Pull. The Art Coin founder has since released a statement saying the bug was due to miscommunication: “Two developers will help us understand LP and set it up. Due to miscommunication, we set up LP before distributing tokens. Therefore, When we sent out the first batch of tokens, the bots ran out of it like crazy."
Sources & References
This record presents information attributed to the linked sources. Incident dates describe the original event, not a new report. Reported loss figures reflect the source record and are not current market valuations.