An Arbitrum-based DeFi altcoin project rug pulled with $1 million in funding and disappeared. According to PeckShieldAlert, the funds are currently untraceable with Tornado Cash…
Another project from the Arbitrum network applied to rug pull
He disappeared in May and March with millions of dollars’ worth of investor funds at Swaprum and ArbiSwap. In the latest development, Arbitrum-based DeFi project Chibi Finance has made rug pulls with around $1 million in user funding. According to PeckShieldAlert’s report, the team behind it is currently using Tornado Cash to hide transactions. With a total value of $1 million, 555 ETH was transferred from the Arbitrum network to the Ethereum network and later to Tornado Cash.
#PeckShieldAlert Seems like #Chibifinance rugged. ~$1M worth of cryptocurrencies were drained.
The stolen funds, which have been swapped for ~555 $ETH, were bridged from #Arbitrum to Ethereum.
They have already been transferred into Tornado Cashhttps://t.co/HmVeZmWJS4 pic.twitter.com/1wM8j86fS4— PeckShieldAlert (@PeckShieldAlert) June 27, 2023
Security firm CertiK said the operation was made possible by the distribution of a malicious contract that allowed Chibi developers to steal user funds from Chibi’s smart contracts. Chibi Finance was calling itself a yield-optimizing service that allows users to deposit coins and automatically earn rewards.
Chibi Finance (CHIBI) price drops sharply
Data from Coinecko shows that CHIBI price has lost 99.42% over the last 24 hours. The Arbitrum-based altcoin fell from $1.5 on the day to $0.01027384 in hours.
Meanwhile, Chibi Finance’s Twitter profile and website have been deactivated and deleted after the rugpull. Elsewhere, some Twitter influencers who promoted the project to their followers deleted their posts on Chibi Finance to community criticism. cryptocoin.comWe will be presenting the details of the development in this article.
