Ordinals Finance Pulls Off Exit Scam

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Ordinals Finance Pulls Off Exit Scam

Ordinals Finance Pulls Off Exit Scam

By Philip Maina

2 weeks agoTue Apr 25 2023 09:29:51


Reading Time: 2 minutes

  • The founders of Ordinals Finance maintain pulled off an exit scam and deleted the platform’s social media accounts
  • The protocol customers and investors maintain misplaced approximately $1 million
  • Withdrawn funds had been deposited into coin mixing platform Tornado Cash

The founders of DeFi platform Ordinals Finance maintain pulled off an exit scam and deleted the platform’s social media accounts on their design out. Per an diagnosis by blockchain security firm CertiK, the protocol’s customers and investors misplaced approximately $1 million, a few of which used to be channeled through coin mixing service Tornado Cash. The occurrence comes nine months after the founders of Teddydoge pocketed $5 million in a the same subject.

From $2 Million to $150,000

Per CertiK, the Ordinal Finance founders withdrew shut to 270 million of the protocol’s native token OFI the expend of numerous functions baked in the platform’s code. The withdrawal brought about the token’s market capitalization to plummet from above $2 million to beneath $150,000.

#CertiKSkynetAlert 🚨

We are succesful of substantiate that the @ordinalsfinance exit scam has resulted in a shortage of $1 million.

All social media accounts had been deleted in addition to the mission’s web plan.

Funds had been consolidated into EOA 0x34e…25cCFhttps://t.co/0Pwlt3yibm https://t.co/RA7vSjNajI

— CertiK Alert (@CertiKAlert) April 24, 2023

An diagnosis of the happenings spherical the rug pull reveals that Ordinals Finance builders deposited 256 million tokens to an Ethereum address in separate transactions. The receiving address then exchanged some of the tokens for ETH earlier than transferring the funds through Tornado Cash.

Extra investigations indicated that the protocol contained traces of code giving its builders the freedom to completely transfer customers’ funds

Nowhere to be Chanced on

As is overall with most rug pulls, the protocol’s builders maintain additionally pulled down the platform’s web plan and social media accounts in conjunction with Twitter. A pair of of the platform’s customers maintain taken to Twitter to air their grievances, noting that they hope the founders “will be dropped at justice,” while others wondered “who’s subsequent.”

Per a document by blockchain firm Elliptic, DeFi customers maintain misplaced over $12 billion through the years with 2021 accounting for over $10 billion of that quantity. Even when rug pulls aren’t unfamiliar to the DeFi world as they additionally manifest in the NFT positionthe feds are making strides in stopping crypto scammers on their tracks.

Sadly, with out a central authority to police the DeFi world, rug pulls, Ponzi schemes and other scams are inclined to continue going down.

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