Incident All ledgers
StableMagnet: $27.0m
StableMagnet lost $27.0m on 23 June 2021. Ranked 108th of 1,272 crypto failures, with method, returned funds and comparable incidents.
- Date
- 23 June 2021
- Lost
- $27.0m
- Returned or repaid
- None recorded
- Target
- DeFi Protocol
- Category
- Rugpull
- Method
- Backdoor Contract
- Chains
- BSC
StableMagnet's own team allegedly hid a deliberate backdoor in unverified linked libraries of its smart contracts, letting them drain liquidity pools and take tokens from wallets with open approvals; about $27 million was lost.
Against the ledger
- It ranks 108th of the 1,272 incidents with a known loss, and 24th in 2021.
- It accounts for 23.1% of the $116.8m in known losses in June 2021.
- 40 incidents in the ledger are classified as Rugpull, for $284.7m in total. This one is 9.5% of that.
- The ledger records no returned funds.
Closest in size by the same method
| Date | Target | Lost | Type | Method | Returned |
|---|---|---|---|---|---|
| 04 Mar 2021 | Meerkat Finance | $31.0m | DeFi Protocol | Admin Drain | — |
| 20 Feb 2019 | Coinbin | $26.0m | CEX | Admin Drain | — |
| 02 Aug 2023 | Bald | $23.0m | DeFi Protocol | Liquidity Rug | — |
| 25 Nov 2021 | Snowdog | $18.1m | DeFi Protocol | Liquidity Rug | — |
| 26 Aug 2023 | PEPE | $15.1m | Token | Admin Drain | — |
All failures in 2021 · The failures ledger
Amounts are DefiLlama’s estimates and can change as incidents are revalued. Its returned figure can include money a company repaid itself, not only funds recovered from attackers. Source: DefiLlama.
Cite this Bitminer.io, “StableMagnet, failures ledger”, data to 2 November 2026, https://bitminer.io/ledger/incident/stablemagnet-2021-06-23/. How this is built