CDS Crypto News 3 Million Dollar Rug Pull Allegation for Swaprum!
Crypto News

3 Million Dollar Rug Pull Allegation for Swaprum!

$3M in customer cash stolen through a rug pull allegation at Swaprum DEX.

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3 Million Dollar Rug Pull Allegation for Swaprum!

The $3 million in customer deposits are said to have been stolen from the platform of Swaprum, a decentralized exchange (DEX) based on Arbitrum.

3 Million Dollar Rug Pull Allegation for Swaprum!

Rug pulls, also known as exit scams, happen when an apparently genuine enterprise collects investor or user deposits before abruptly ceasing operations, withdrawing the funds, and disappearing. Immediately after the funds vanished, the platform deactivated its accounts on Twitter, Telegram, and GitHub. In fact, while the website was up and running in the morning hours, at the time of this writing, the website was also inaccessible.

About Stolen Funds

The criminals stole 1,628 Ether, which is currently worth approximately $2.95 million at today’s prices, from the platform’s liquidity pools, bridged it to Ethereum, and laundered nearly all of the money through cryptocurrency mixer Tornado Cash, according to a tweet from the alerts-focused Twitter account of blockchain security company PeckShield on May 19.

Beosin’s Statements

A different blockchain security company, Beosin, reported that the “deployer of Swaprum used the add() backdoor function to steal LP [liquidity provider] tokens staked by users, then removed liquidity from the pool for profit.” This information provided additional context for the occurrence.

Written by
lectertodd

Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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