Chibi Finance Rug Pull: Over $1 Million Stolen in Exit Scam
- Chibi Finance, an Arbitrum-based protocol, has reportedly stolen over $1 million worth of crypto assets in an exit scam.
- Developers deployed a malicious contract that allowed them to steal funds from the protocol’s smart contracts.
- The stolen funds were sold for 555 Ether and transferred from Arbitrum to Ethereum before being concealed using a coin mixing service.
- Chibi Finance’s social media profiles were disabled and the website was deleted after the rug pull.
- This is the 12th exit scam incident recorded on Arbitrum in 2023.
- Other exit scams have also occurred recently in the wider Ethereum Layer 2 ecosystem.
- Rug pulls and exploits in decentralized finance projects resulted in over $45 million in stolen assets in May.
- Be cautious when investing in new protocols and always do thorough research.
Exit scams continue to plague the cryptocurrency industry, with Chibi Finance being the latest victim. The protocol, which went live on Tuesday, managed to steal over $1 million worth of crypto assets through a malicious contract. The stolen funds were quickly laundered to other networks to conceal the tracks. This incident marks the 12th exit scam recorded on Arbitrum this year. Rug pulls and exploits in decentralized finance projects have resulted in millions of dollars being stolen. To protect yourself, it is important to be cautious when investing in new protocols and always conduct thorough research.
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