The Livecaster scam on Base stunned the DeFi community — a stealth exploit hidden in a smart contract that drained over $690K before anyone noticed.
Unlike traditional rug pulls, this one never pulled the plug — it siphoned funds slowly, using a built-in allowance trap.
RugScamAlert breaks down how it happened, how it spread, and how you can stay safe in the new age of “silent drains.”
🚨 The Rise of a Silent Predator
When the token Livecaster (LIVECASTER) launched on Base, it looked like another viral meme gem — sleek visuals, fast-moving charts, and buzzing Telegram groups.
But hidden deep inside its contract was a predator, perfectly disguised: a hard-coded unlimited allowance exploit that silently gave one wallet access to every holder’s tokens.
According to a Solidus Labs report, the exploit enabled the attacker to drain any wallet holding the token — without needing permission.
💀 Result:
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224 wallets drained
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757 million tokens stolen
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173 ETH (~$690K) vanished
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13 precise, coordinated siphon transactions
This wasn’t a classic rug-pull. It was a surgical siphon — the next stage of DeFi exploitation.
⚙️ Inside the Attack: How Livecaster Worked
The Livecaster contract (0x7dade1cad47583e7718ab64a7deb307ac990516a) contained an invisible pre-approval mechanism.
Instead of waiting for user consent, the code allowed a hidden wallet to extract tokens directly using transferFrom().
Key Technical Points:
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Unlimited Spender Rights: The exploit gave permanent access to a single wallet.
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Facilitator Contract:
0xab76135dab0db997b96e74e514408c876was used to execute 225 transfer operations. -
Artificial Hype: The scammer bought tokens themselves to generate fake volume and attract organic investors.
Once the hype peaked, the hidden wallet executed 13 drain transactions — clean, silent, and devastating.
🌍 The Bigger Picture: Base Chain’s Scam Epidemic
The Livecaster incident is not isolated. It’s part of a much larger scam ecosystem on Base.
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Over 500 scam tokens launched on Base, netting more than $2 million for bad actors.
(Source: Coinpedia) -
90% of tokens with >$1,000 liquidity on Base between July–Sept 2024 were scams.
(Source: Solidus Labs on X)
On Reddit, users echo the same pain:
“You can buy the tokens but not sell them — only whitelisted wallets can sell.”
— r/Uniswap Base Token Discussion
Even academic research from arXiv found copy-paste scam factories deploying cloned contracts across multiple chains, each designed to drain faster and smarter.
🧠 Lessons for Crypto Investors
1️⃣ Always Audit the Code
Check for functions like approve, transferFrom, and hardcoded owner addresses.
Tools like RugScamAlert Scanner or TokenSniffer can automatically highlight red flags.
2️⃣ Don’t Trust Hype
A shiny website, trending chart, or meme logo doesn’t equal legitimacy. Scammers know how to fake momentum.
3️⃣ Avoid Low-Liquidity Tokens
Tokens with liquidity under $10K or created within the last 48 hours are high risk — especially on Base, where deployment is nearly free.
🛡️ Prevention Tips
For Developers:
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Get independent audits before deployment.
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Avoid arbitrary owner privileges.
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Publish your contract source and renounce ownership early.
For Platforms:
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Flag tokens with single-wallet dominance or hidden approvals.
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Enforce KYC for deployers on new token launches.
For Investors:
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Always check on-chain activity and holder distribution.
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Beware of tokens with locked trading or delayed sell functions.
🚨 Final Thoughts from RugScamAlert
The Livecaster heist shows a terrifying new evolution: permanent siphons — where the scam doesn’t pull the rug, it quietly drains over time.
This is more than a crime; it’s a test of crypto’s self-defense mechanisms.
In DeFi, trust is programmable — but so is deception.
Before you buy the next Base token, take one extra step: inspect, verify, and question everything.
Because the next silent siphon might already be in your wallet.
Author: RugScamAlert © 2025
Website: https://rugscamalert.com
Follow on X: @RugScamAlert
Category: Crypto Security / DeFi Scams / Base Chain
