SeaSwap, a DeFi platform on the Sui network, has rug-pulled its users, stealing around $32,000 worth of SUI tokens, according to CertiK Alert

SeaSwap, a DeFi platform on the Sui network, has rug-pulled its users, stealing around $32,000 worth of SUI tokens, according to CertiK Alert

SeaSwap, a decentralized finance (DeFi) platform on the Sui network, has been implicated in a rug-pull incident where it defrauded its users and made off with approximately $32,000 worth of SUI tokens. This alarming development was revealed by CertiK Alert, a prominent blockchain security company.

SeaSwapSui, the DeFi protocol associated with SeaSwap, has not only stolen investor funds but has also abandoned its various social media channels, leaving users in a state of confusion and financial loss. CertiK reports that the administrators of SeaSwap executed an emergency withdrawal of SUI tokens from the project’s token sale contract, illicitly acquiring 32,787 SUI tokens valued at around $32,000 during the attack.

Sui, a layer-1 blockchain network powered by the designated proof-of-stake (dPoS) consensus mechanism, was recently launched by MystenLabs. The Sui project concluded its initial coin offering (ICO) earlier this month, aiming to provide decentralized financial services on its innovative platform.

Sadly, this incident is not an isolated case in the realm of rogue web3 projects. Rug pulls, where project creators abscond with users’ funds, have become alarmingly prevalent this year. In March, Harvest Keeper, an AI-based DeFi platform, rug pulled its users, making off with nearly $1 million worth of cryptocurrency.

Other web3 projects, such as SyncDex.Finance, AnubisDAO, Atom Protocol, MerlinDEX, and numerous others, have also engaged in rug pull attacks in recent times. These incidents have resulted in the loss of millions of dollars’ worth of hard-earned money for unsuspecting users.

The prevalence of such fraudulent activities highlights the need for increased vigilance and due diligence when participating in the cryptocurrency and DeFi space. Users must exercise caution and conduct thorough research to mitigate the risks associated with these emerging technologies.