Arbitrum-based Swaprum plunges to zero as project suffers rug pull Dex DeFi SAPR $SAPR Swaprum Scam
It highlights that Swaprum on Arbitrum was"rugged" by its founders for $3 million. How this happened was that the deployer of Swaprum utilized a backdoor function, add, to steal LP tokens staked by users.
Following the theft, it notes that liquidity was swiftly stolen from the pool by the deployer. Then, the deployer of Swaprum transferred all the funds to the Ethereum network using cross-chain bridges such as Multichain, Across Protocol and Celer Network. After successfully bridging 1,620 ETH through these platforms, he funneled it into TornadoCash. As a result of this rug pull, its native SAPR token plummeted by 100%. According to Hacken, the scammers managed to escape with approximately 1,628 ETH, equivalent to around $2.95 million.
In light of this recent incident, Hacken urges crypto users to stay vigilant and exercise caution while interacting with new DeFi projects.
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