HospoWise Attacked Just After Its Launch

Key Takeaways:

  • The attacker attacked HospoWise Project just after its launch, i.e., firstly, the attacker Swapped ETH for tokens, then burned the tokens from the pair, then synced the pair to raise the token’s price, and lastly, sold the overpriced tokens.

HospoWise is a technology startup launched in 2022 to solve problems in the hospitality industry. They have launched their ERC20 token through their presale on the 3rd of April 2022. In Phase 1, HospoWise will concentrate on developing utilities for the food and beverage industry, including cafes, restaurants, bars, nightclubs, and pubs.

HospoWise’s token contract has a public burn function. Here is the link of its official contract where we can find this function.

Hospowise Attacked Just After Its Launch

This attack allowed the attackers to purchase a few tokens and burn the rest of the Hospo tokens on Uniswap, inflating the worth of their tokens such that they could swap them for almost all the ETH in the pool.

Hospowise Attacked Just After Its Launch

As a result of this attack, the price of its native token is dropped down by 100%. Here is the link of the token’s address.

Hospowise Attacked Just After Its Launch

HospoWise Team has officially announced on Twitter that their Project was audited by Cyberscope. This attack was possible due to the negligence of the auditing team. They failed to include and exploit what was in the smart contract and caused the LP to be drained by a knowledgeable attacker. Here is the link of the official audit by the Cyberscope Team.

Hospowise Attacked Just After Its Launch

The whole HospoWise team is KYC’d, so they have told on Twitter that they don’t intend to scam. The team has announced that they will be proceeding with the v2 launch and will airdrop tokens with extra benefits for their holders. The team has apologized to all its users for the inconvenience and unforeseen event. Meanwhile, Cyberscope Team has said that they will investigate to locate the hacker.

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Yash Kamal Chaturvedi

Btech Computer Science, Maharshi Dayanand University, Rohtak (2023)

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