Chibi Finance Rug Pulls Users for $1M, CHIBI Falls 98%

Jun 27, 2023

온라인 슬롯 사이트

In an unforeseen turn of events, Chibi Finance, an up-and-coming yield-optimizing service constructed on the Arbitrum platform, fell prey to a severe “” incident. Originating mere moments after its launch, the calamity resulted in a staggering loss of over $1 million worth of diverse tokens pilfered from unsuspecting users’ funds.

The Devious Mechanism

The orchestrators of this dubious act leveraged a malicious contract, a crafty piece of code that enabled them to illicitly access and siphon away the tokens. This contract served as the covert conduit through which these malefactors funneled out the significant sum, betraying the trust of their user base in a single fell swoop.

Seems like rugged. ~$1M worth of cryptocurrencies were drained.
The stolen funds, which have been swapped for ~555 , were bridged from to Ethereum.
They have already been transferred into Tornado Cash

— PeckShieldAlert (@PeckShieldAlert)

The Aftermath: A Swift Laundering

Upon successful execution of their unscrupulous plan, the stolen tokens were promptly exchanged for 555 units of Ethereum (ETH), a popular cryptocurrency. To further obfuscate their tracks, the perpetrators employed the infamous mixing service Tornado Cash. Known for its capability to muddle up transaction trails, Tornado Cash offered the ideal laundering platform, making the recovery of the pilfered funds a challenging, if not impossible, task.

A Market in Freefall

In the aftermath of the incident, the market reacted swiftly and harshly. The value of CHIBI tokens, the native token of Chibi Finance, plummeted by a colossal 98%. The drastic fall echoed the shock and disbelief reverberating through the crypto-community, leaving a once promising token in ruins.

Vanishing Act: The Ghost Protocol

Further fueling the controversy, the project’s official Twitter profile and website were swiftly deactivated and expunged, leaving no trace of their existence. This sudden vanishing act left users and investors in a state of confusion and panic, struggling to grapple with their unexpected losses.

Community Backlash and Damage Control

Interestingly, the fallout extended beyond the immediate circle of affected users. Several Crypto Twitter influencers, who had previously extolled the virtues of the project, found themselves facing severe community backlash. As a desperate measure to mitigate the damage, these influencers hastily deleted their promotional posts, adding to the overall climate of distrust and skepticism.

Conclusion

The Chibi Finance rug pull serves as a stark reminder of the potential pitfalls lurking in the dynamic world of cryptocurrencies. It underscores the importance of due diligence and robust security mechanisms to shield users from such unforeseen incidents. As the dust settles on this unfortunate event, it offers valuable lessons for developers, investors, and influencers alike, prompting a reassessment of strategies and an emphasis on transparency and security.

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Micky Gene
I am a crypto expert, blockchain analyst. I am diving deep in digital world for finding the most promising projects, looking for a better future. Being from a Finance background, I efficiently write Price Analysis. Apart from writing, I am playing football.