Chibi Finance Executes $1 Million Rug Pull, CHIBI Falls By 100% | Bitcoinist.com

Bitcoinist
Bitcoinist

27 Jun 2023 7:00 PM

In what appears to be another rug pull in the decentralized finance (DeFi) space, Chibi Finance team has absconded with more than $1 million....

  • The team behind Chibi Finance has stolen over $1 million worth of users' funds in a rug pull scam.
  • The Chibi team deployed a malicious contract that allowed them to seize the funds from the protocol's smart contract.
  • The stolen funds were transferred to Tornado Cash, a decentralized cryptocurrency exchange.
  • CHIBI token has fallen by nearly 100% following the rug pull.
  • According to data from Certik, this Chibi Finance rug pull is the 12th incident reported on the Arbitrum network in 2023.

The article has a negative sentiment as it reports on a scam that resulted in the loss of over $1 million worth of users' funds.

Go to publisher site

You May Ask

What is a rug pull in the DeFi space?How did the Chibi Finance team steal users' funds?What happened to the CHIBI token following the rug pull?How can investors avoid falling victim to crypto scams?How many incidents of rug pulls have been reported on the Arbitrum network in 2023 according to Certik?

Suggested Reads