CySecurity News – Latest Information Security and Hacking Incidents
Arbix Finance, Binance Smart Chain-based yield farming protocol, appears to have scammed users out of millions after its developers made off with their deposited funds.
Earlier this week, the blockchain security firm CertiK tweeted confirming the scam, which is known as a rug pull or exit scam. In these types of scams, project developers collect funds for an allegedly legitimate “service” and then disappear with deposited funds.
Because decentralized networks are traditionally unreliable, bodies like CertiK attempt to examine them via audits that scan a token’s smart contracts for signs of a scam, susceptibilities, privacy issues, etc. In Arbix’s case, CertiK’s conducted an audit on November 19th, 2021, whose findings had initially been a reason for users to trust Arbix Finance.
According to CertiK, the scam was uncovered after the token’s smart contract was spotted minting 10 million ARBIX to addresses under the owner’s control and then dumping them for Ethereum. The operators of Arbix also directed $10 million in investor funds to unverified pools, a tool used to deposit and withdraw funds. An anonymous actor then drained the assets from the pools and converted them to Et
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