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 cryptocurrency scams, popular on-chain analysis company PeckShieldAlert wrote that a decentralized stock market operating on Arbitrum, the popular Ethereum (ETH) Layer2 network of recent times, was the victim of a fraud event.
Sharing on his Twitter account, PeckShieldAlert stated that the Swaprum team removed the liquidity opened against the platform's native token SAPR on the exchange, and after this removal, they sold the tokens for Ethereum.
Pointing out that there was a significant decrease in the price of Swaprum (SAPR) tokens after the Swaprum team's transaction, PeckShielAlert stated that the Swaprum team defrauded investors and the SAPR tokens that remained in the hands of investors who were unaware of this fraud became completely worthless.
Stating that the Swaprum team received 1,628 Ethereum (approximately $3 million worth) in exchange for SAPR tokens, PeckShieldAlert said it transferred ETHs to Tornado Cash, a notorious mixer service, to prevent their traces from being tracked.
“Swaprum, a decentralized exchange operating on Arbitrum, was the victim of a $3 million scam.
The Swaprum team received Ethereum in exchange for investors' SAPR tokens. The scammers took about 1,628 Ethereum and laundered the Ethereums by transferring them to Tornado Cash.
SAPR dropped 100% after this incident."
*Not investment advice.