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Security Incident · BSC Ecosystem

SQ Protocol Smart Contract Vulnerability: $346.10K Reported Loss

·Historical incident record

Incident Overview

On May 12, 2026, at approximately 10:11 UTC, the SQ Protocol on BNB Chain was exploited for $346,137. The attacker abused a hardcoded owner backdoor in the verified Staking contract (0x404404a845fff0201f3a4d419b4839fc419c99f7). Using a type-0x4 transaction with authorizationList, they took ownership, minted fake staking claims, redeemed ~296.5K USDT, swept SQi tokens, and dumped them in the SQi/USDT pool for additional profit. Total realized loss: approximately $346.1K.

Sources & References

Original incident referencehttps://x.com/Defi_Nerd_sec/status/2054425936746148148 (opens in a new tab)

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.

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