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