Investors lost $2 million in Ethereum worth due to the developers pulling the rug out from under the ETHTrustFund Project on the Base Network.
This fraudulent project moved the funds abruptly from its Treasury to a brand new wallet. Octoshi was the first to alert crypto enthusiasts about this fraud. He revealed a number of suspicious fund transfers as well as the sudden inactivity of the project.
Octoshi is the developer of this project, and he has been identified only as “Peng,” This silence followed months of building trust and raising over $2 million for ETHTrustFund’s treasury. After months of building up trust, and raising more than $2 million to fund ETHTrustFund’s Treasury, this period of silence came. Since then, the project website is no longer available and all social media accounts are deleted.
ETHTrustFund promoted itself as OHM-style forks, taking advantage of the Base network’s community. The fund attracted significant investment through the use of memes and the buzz surrounding Base network. ETFs. All traces of the project have disappeared, except for its documentation.
PeckShield is a Blockchain Security Firm that confirmed this rug-pull, and revealed the scammers already had laundered stolen funds.
These perpetrators transferred funds between the Base and Ethereum networks (ETH) and then used Tornado Cash and Railgun, both known for their privacy features, to obscure the trail of the stolen assets.
Etherscan confirms this finding, showing exactly 607 Ethereum, which is equivalent to $2.1 Million.
Etherscan’s detailed transaction logs indicate that the primary developer is a major player in the cryptocurrency market. addresses At 13:27, this address sent 200 ETH (Ether) to Railgun. In two separate transactions, 200 ETH were transferred to Tornado Cash by this same address shortly after. Railgun then received 56.9 additional ETH.
Recent times have seen Base become the hotbed of rug pulls as the market players try to take advantage of the FOMO that surrounds the network.
Magnet Finance was a protocol at Base in August last year. rug-pulled For $6.4 Million.
Solana’s rug pulling has been no different, and one of the incidents involved the URF meme coin Another connected to the CONDOM meme coin project. These two rug pullings took place in April.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: crypto.news
