Swaprum Dex was emptied in Crypto Rugpull worth $ 3 million
Swaprum Dex was emptied in Crypto Rugpull worth $ 3 million
The developers of the decentralized stock exchange (Dex) Swaprum have deducted ether tokens (ETH) worth $ 3 million from the protocol in an apparent raid, also called exit fraud.
The stock exchange launched on the Ethereum-Layer-2 network Arbitrum offers high agricultural rewards, low exchange fees and potential yields of up to 100 % percentage yield (APY).
swaprum rugpullt user for $ 3 million
Blockchain security company Peckshield marked on Friday that, for example, 1,628 ETH worth around $ 3 million were deducted from the Swaprum liquidity pools. Onchain data show that the exit fraud was carried out in the late morning hours of Thursday.
The team initially removed the liquidity on the stock exchange for SAPr, the native tokens of the platform, and sold the assets for ETH. The funds from Arbitrum were then transferred to Ethereum and then transferred to the cryptocurrency mixer Tornado Cash.
A deeper analysis of the blockchain security platform Beosin Unveiled the operator of SWAPRUM SMART contract has added a hint function to enable the theft of liquidity pool tokens used by users. The provider used the ADD () function to empty the pool to its own advantage.
Beosin further explained that the SWAPRUM team had switched the normal reward contract for liquidity security to another with backdoor functions.
"The backdoor function add () transmits LP-tokens from the contract to the _devadd address. By querying the _devadd address, the address" Swaprum: Deployer "is returned. The Swaprum: Deployer uses the stolen LP tokens in the previous step to remove liquidity, ”explained the security platform.
SAPR token crashes by 99 %
through the Rugpull, SAPr lost almost all of its value. At the time of the letter, the token was traded at $ 0.000022, with a 24-hour trade volume of $ 83, which according to data from CoinmarketCap corresponds to a decrease of 99 % compared to the previous price of $ 0.147 before the Rugpull.
The SWAPRUM social media accounts were also deleted on Twitter, Github and Telegram. At the time of printing, only the platform website was active.In the meantime, Swaprums Rugpull is one of the largest exit fraud in the Arbitrum network. The incident destroyed the incident of the Defi Protocol Hope Finance, which in February suffered an exploit of $ 2 million after a Nigerian hacker allegedly used a fake router on the platform.
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