Developers Withdraw Funds from Cubiswap Finance, Causing CUBI Token to Plummet
Around $425,000 worth of BNB has been withdrawn from the Cubiswap Finance protocol, resulting in a significant drop in the value of its native token, CUBI. The funds were transferred to an unknown address before being bridged to BNB Chain and deposited into Binance. Blockchain security firm PeckShield discovered the movement of funds and reported it. Both Binance and Cubiswap Finance have not made any public statements regarding this incident.
CUBI Token Crashes by 61.5% Following Withdrawal
Following the withdrawal of funds, the value of CUBI token plummeted by 61.5%, reaching $0.026. This decline in price was observed shortly after the news broke. Cubiswap Finance is a liquidity provider that operates on opBNB, a layer-2 scaling solution for BNB Chain. The protocol received support from BNB Chain and offered incentives for users to participate in activities through special airdrops.
Rise in Malicious Activities on BNB Chain
BNB Chain has recently become a haven for bad actors engaging in malicious activities. Hackers are now using smart contracts to hide malware and distribute malicious code anonymously among crypto users. This poses a significant threat to the security and integrity of the blockchain ecosystem.
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