77
Blockchain security firm CertiK has flagged BINANCE Smart Chain-based yield farming protocol Arbix Finance as a rug pull.
CertiK Flags Arbix Finance
According to CertiK’s incident analysis, Arbix Finance project shows one too many red flags. The security firm was quoted as saying:
“The ARBX contract has mint() with only owner function, 10 million ARBX tokens were minted to 8 addresses”
CertiK also confirms that 4.5 million ARBX was minted to a single address, after which “The 4.5M minted tokens were then dumped.”
Another red flag identified by the firm is the $10 million user funds. That fund was directed to unverified pools after deposit, and how convenient, that a hacker eventually gained access to it all, draining the entire $10 million assets from the pool.
However, with the aid of the Skytrace tool, CertiK was able to determine that the hacker moved the funds to Ethereum via AnySwap USDT exchange.
What Exactly Is A Rug Pull?
Generally, a “rug pull” refers to what happens when the founders of a project totally abandon that project after receiving a huge amount of investments from unsuspecting users. In fact, scams of this nature are fast becoming very rampant in the crypto industry as recent reports have revealed. So far, no less than $7.7 billion worth of cryptocurrency funds have been reported lost to rug pulls globally.
In fact, a recent report by Chainalysis confirms that rug pulls alone accounted for 37% of all crypto scam revenue in 2021. This means that rug pulls have contributed immensely to the rising cases of money loss through crypto scams.
Recalling the AnubisDAO rug pull of November 2021, investors were reeled in by the unbelievably sky-high gains in the popular canine-themed meme coins. This saw the investors losing close to $57 million worth of Ether (ETH) in the rug pull.
- Trending
- Price Analysis
- Kazakhstan’s Internet Shutdown Drops Bitcoin Hashrate by 12%, will it impact BTC price?
- Bitcoin Dividend Announcement Spikes BTCS shares by 51%
- New On-chain data reveals Bitcoin is well positioned for a bullish takeoff
- Just-in: UK advertisement watchdog bans two crypto.com ads
- Kazakhstan: Crypto miners at risk amid protests post natural gas price hike
- US Must Modernize with Blockchain & Crypto or Lose the Race to China: CryptoDad
- NFT Rugpull: Bored Bunny NFT project drains out 2000 ETH; Floor price drops to 0.59 ETH
- Could Airbnb start accepting crypto payments this year? It appears so
- Solana Price Prediction: SOL Prepares For A 18% Rise To $201
- Vitalik Buterin clears speculations around the postponement of the ETH 2.0 upgrade
- ICP Price Analysis: Internet Computer Coin Initiates Recovery Rally
- SHIB Price Analysis: Shiba Inu Token Would Soon Re-established The $0.00003 Crucial Support
- FTM Coin Price Analysis: V-Shaped Recovery Aims To Challenge $3.47 ATH
- Ethereum Price Analysis: ETH Squeezing To Outburst A New Rally
- Solana Price Prediction: SOL Prepares For A 18% Rise To $201
- Binance Coin Price Prediction: BNB Could Make A 26% Upswing To $648
- Convex Finance Price Analysis: Here’s Why $CVX Coin May Be Heading for Another Breakout
- Ravencoin Price Analysis: $RVN Coin Price Soars 21% Completing The Cup And Handle Pattern.
- ONE Price Analysis: Harmony Coin Rally Aims To Knockout Another Higher Resistance
- Tezos Price Analysis: Symmetrical Triangle Pattern Could Lead 20% Growth In XTZ Coin
