An attacker exploited a flaw in the NemTokenV2 contract on PancakeSwap's USDT/NEM trading pair, causing losses of about $821,900 on October 22. The contract mistakenly counted tokens transferred into the liquidity pool as sell volume without verifying if a swap had settled, allowing the attacker to repeat a sequence that drained NEM reserves. By cycling transfers and removals 42 times, the attacker reduced recorded reserves and sold remaining NEM at a higher price for USDT. This incident highlights risks in smart contract design and the need for improved security checks in decentralized finance platforms.
The NEM token exploit on PancakeSwap involved a loss of about $821,900 due to a contract flaw. For readers following major cryptocurrencies, here is Pluang's market snapshot as of Oct 23, 2026 04:03 WIB: out of 50 major cryptocurrencies priced on Pluang, only 4 rose and 45 fell today. Notable movers include SUSHI at Rp3.821 with a 7.38% decline and a Pluang order activity of 72% Sell / 28% Buy, VET at Rp126 down 7.31% with balanced order activity, and GRT at Rp423 down 7.29% with 96% Buy activity. Typical hold times range from 99 to 148 days.
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