The increase in the popularity of Bitcoin (BTC) and cryptocurrencies has also directed scammers to this sector.
In this context, these days when we hear about new crypto money fraud news, the popular on-chain analysis company said that there was a rug pull case in Chibi Finance, a DeFi project on Arbitrum, the popular Ethereum (ETH) Layer-2 network.
Accordingly, experts said that about 555 ETH (worth $1 million) was withdrawn from the platform's liquidity pools.
At this point, the team of Chibi Finance, which was recently launched on the Arbitrum network, is accused of disappearing by taking $1 million of user funds.
Sharing on his Twitter account, PeckShieldAlert wrote:
“$1 million worth of cryptocurrencies drained from Chibi Finance.
555 Ethereum was bought with stolen funds. The funds were then diverted from the Arbitrum network to the Ethereum network and transferred to Tornado Cash.”
After this news, Chibi Finance's native token CHIBI, which experienced a decrease of almost 100%, experienced a sharp drop to $ 0.017 from the levels of $ 1 that it traded yesterday.
*Not investment advice.