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Arbitrum-Based DEX ArbiSwap Rugs Its Users, $ARBI Plummets 100%

2y ago
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  • ArbiSwap developers minted a trillion ARBI tokens and swapped them for USDC and ETH.
  • ARBI is down 100%.
  • The rogue developers moved the stolen funds through the Etheruem-based mixer Tornado Cash.

ArbiSwap, one of the first decentralized exchanges built on Ethereum Layer-2 Arbitrum, has seemingly rug-pulled its users.

On Thursday, the developers behind ArbiSwap minted a trillion new ARBI tokens and swapped them for USDC and then for ETH. ARBI plummeted from $1.5 to a fraction of a cent in seconds.

https://twitter.com/PeckShieldAlert/status/1631192691563438081?s=20

The rogue developers could do so because they control ArbiSwap’s liquidity pools. Some industry observers believe that ArbiSwap is hardrugging, meaning they’re draining every pool available on...


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2y ago
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