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In a shocking turn of events, the OrdiZK project, once poised to bridge Bitcoin, Ethereum, and Solana blockchains, has allegedly executed a massive exit scam, leaving investors in dismay.

The CertiK blockchain security firm revealed that OrdiZK developers managed to siphon over $1.4 million from separate wallets, marking a devastating blow to the crypto community.

CertiK’s investigation exposed the mechanics behind OrdiZK’s downfall.

According to the investigations, the project, designed as a cross-chain bridge, utilized a questionable “emergencyWithdraw” function, allowing developers to drain funds from the project’s deployer, treasury, and marketing wallets.

The largest chunk, totalling $1.03 million, was found in the deployer wallet, followed by $262,000 in the treasury wallet, and $173,000 in the marketing wallet.

In total, wallets belonging to the OrdiZK team hold ~$1.4m ETH.

OrdiZK Deployer: $1,037,125.98
OrdiZK Treasury: $263,482.20
OrdiZK Marketing wallet: $173,899.48

As a result, the OrdiZK website and social media accounts have been abruptly taken offline, leaving users without recourse.

Following the rug pull, the native token of the OrdiZK project, OZK, has suffered a catastrophic plunge in value, losing more than 99% in a single day.

At its peak in December, the token reached $0.0107 amid the market frenzy surrounding Bitcoin-based NFT project Ordinals.

The token’s value now stands at a mere $0.00002602, underscoring the severity of the situation.

CertiK’s report also highlighted that OrdiZK had been collecting ether throughout its lifecycle by imposing a sales tax on transactions, adding a layer of deception to the project’s operations.

As investors and the broader crypto community are left grappling with the aftermath of OrdiZK’s apparent rug pull, the incident serves as a stark reminder of the risks associated with investing in crypto projects with unproven teams and unverified promises.

The post Bitcoin Bridge OrdiZK rug pull: OZK token crashes to zero, CertiK confirms appeared first on Invezz

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