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Ordinals Finance, an Ethereum-based decentralized finance (DeFi) protocol that allows users to lend and borrow inscriptions, has been accused of performing an exit scam, also known as a "rug pull." In an April 24 press release seen by Cryptox, blockchain security firm CertiK reported that the protocol's developer pulled 256 million
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BNB Chain was the king of rug pulls in the first quarter of 2023, with over 73.3% of such scams in the entire crypto ecosystem happening on the network, according to an April 4 report from blockchain security firm Immunefi.The report, titled “Crypto Losses in Q1 2023,” investigated a variety
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In an interview ahead of Consensus the mononymed podcaster discusses how he built the foundation to collaboratively build a Web3 media empire. Source
Read MoreLast year, $4.17 billion were stolen in 199 incidents, the firm said, a higher estimate than Chainalysis' data showing $3.8 billion stolen in 2022. With time, as more information about criminal activity emerges, these estimates may grow, Chainalysis said when it released the data in February. Original Source
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The team behind nonfungible token collection Friendsies has refuted claims they are “abandoning” the NFT project following a tsunami of “rug pull” accusations. On Feb. 21, the founders behind the NFT project told their Twitter followers that they werputting a “pause” on Friendsies and “all future digital goods” for the
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Prominent NFT influencers such as generative artist Jen Stark and Rug Radio host Farokh were named as early promoters of the project, which raised millions from its initial drop. Source
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"As part of Defendants’ NFT scheme, Defendants marketed CryptoZoo NFTs to purchasers by falsely claiming that, in exchange for transferring cryptocurrency to purchase the CryptoZooNFT, purchasers would later receive benefits, including, among other things, rewards, exclusive access to other cryptocurrency assets, and the support of an online ecosystem to use
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The U.S. government has arrested and charged the creator of “Mutant Ape Planet” non-fungible tokens (NFTs) for allegedly defrauding crypto investors. “The purchasers were ‘rug pulled,'” the Department of Justice (DOJ) described, adding that millions of dollars in cryptocurrency were diverted for the NFT creator’s personal benefits. DOJ Takes Action Against
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The group says it’s retrieved all the funds after offering a bounty to the hacker. Source
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