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Swaprum developers execute $3M heist

Despite their anonymity nature, cryptocurrencies follow the principles of transparency and trust. Nonetheless, exit scams and hacks have been long-term challenges in this space. Recent Swaprum events have reminded market players of the threats that scammers and hackers cause.

reddit 🤖: Crypto Rugpull Scandal: Swaprum DEX Team Absconds with $3 Million https://t.co/LLfKRMtnxF

That comes as Swaprum users discovered that the decentralized exchange’s team executed a rug pull, draining ETH worth around $3 million from the protocol. Swaprum is a DEX on the Arbitrum platform. The DEX provided its users substantially high farming rewards, the possibility of earning up to 100% APY, and low swapping fees.

PeckShield, a blockchain security company, discovered the scam on Friday. The security firm observed about 1628 ETH (worth approximately $3 million) drained from the DEX’s (Swaprum) liquidity pools. Moreover, on-chain data shows Swaprum team orchestrated the exit on Thursday.

$ETH $SAPR NEW ARTICLE : Swaprum Team Executes Rugpull, Drains $3M In ETH From Protocol https://t.co/V4IiFQQN6v pic.twitter.com/R4JkD9oSgX

Initially, the Swaprum developers removed SAPR token liquidity from the DEX, selling the token for more Ethereum assets. SAPR is Swaprum’s native coin. The team then moved the money to Ethereum (from Aribtrum) before sending them to Tornado Cash – a crypto mixer.

Moreover, Beosin’s analysis indicated that Swaprum smart contract developer launched a backdoor feature to the contract. That allowed developers to steal the liquidity pool assets that investors staked.

Beosin added that the developers added () functionality and drained the platform. Further, the Swaprum team deleted all their internet footprints, erasing all their profiles on social media platforms, including Telegram, GitHub, and Twitter.

Nonetheless, the project has its official website still working. Also, the now-nonoperational DEX revealed a positive security audit from CertiK. No one knows whether the authorization is genuine.

The rug pull saw the DEX’s native token, SAPR, losing its value massively. While publishing this blog, the token traded at $0.000022, with an $83 trading volume. SAPR has lost 99% from its pre-rug pull value of $0.147.

The Swaprum exit scam becomes the biggest heist on the Arbitrum platform, eclipsing losses incurred during February’s Hope Finance hack, which suffered a $2M exploit.

The post Just in: SAPR tokens worthless following $3M rug pull by Swaprum developers appeared first on Invezz.

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