Arbix Finance - REKT
New year, old news.
Rug pulls are common on Binance Smart Chain.
We’re only mentioning this one because it was larger than most.
~$10 million taken, and no advanced attack techniques in sight.
Arbix Finance labelled themselves as an arbitrage-focused project on BSC, in which users could deposit into single-asset vaults in order “to gain optimal yield with low risk”.
However, their users got the opposite.
Starting around 3 AM +UTC on Jan 4th, the project drained the vaults of users’ funds and deleted their website, Twitter and Telegram accounts.
Around $10M in user’s assets were drained directly from the vaults into this wallet, beginning with ~$1M in BTCB.
Also stolen were:
$920k Binance-pegged ETH
$2.25M in BSC-USD
As well as lesser amounts of ADA, DOT, DOGE, LINK, XRP and WBNB.
In addition to the vault funds, on the 10th December this address minted 4.5M ARBX. Once the rug pull had begun, these tokens were dumped via PancakeSwap, tanking the price from $1.42 to ~$0.00. The ~$50k in proceeds were then sent to the main rug wallet.
Funds were sent from the BSC wallet: 0x4714a26e4e2e1334c80575332ec9eb043b61a2c4
To Ethereum: 0x4714a26e4e2e1334c80575332ec9eb043b61a2c4
And from there, converted into ~2.5k ETH (currently worth ~$9.9M), then sent to 0xdc85c1eb22b0ece7be559a83fd788fe57f5a7a9f.
Despite providing the project’s audit in November of last year, and marking all major or critical issues as resolved, Certik decided to publish a basic incident analysis.
However, the thread merely served to attract the attention of the frustrated users who had trusted Certik’s stamp of approval.
In 2021 we covered $2.1B in scams, hacks, and rug pulls.
Will we see more than that this year?
Vote now in our Telegram group.
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