• Chibi Finance allegedly performed a $1 million lag-pull on layer-2 blockchain Arbitrum.
  • The team vanished and I lost access to my social media accounts.
  • According to security platform Pecshield, the team drained the funds via Tornado Cash.

Arbitrum-based DeFi project Chibi Finance has vanished into thin air, leaving behind a reported $1 million in potential thresholds.

Chibi Finance, which only recently went live on Arbitrum’s Layer 2 network, is said to have exhausted its liquidity pool and disappeared with 555 Ether (ETH). When converted to current market prices, a user’s deposit is equivalent to approximately $1 million.

Chibi Finance’s latest lag pull

according to caveat With the help of blockchain security and data analytics company PeckShield, the Chibi Finance team converted staked tokens into ETH and withdrew them by pouring them into the Ethereum network via cryptocurrency mixing service Tornado Cash.

The Chibi Finance team has also allegedly “disappeared” along with the DeFi project’s social media accounts. twitter And Telegram has been deleted. The platform’s website is also offline.

Chibi Finance’s apparent fraud has fueled the recent surge of bad actors in the Arbitrum and Ethereum ecosystems. In April, zkSync project Merlin allegedly siphoned $2 million from users. Meanwhile, Arbitrum-based Swaprun disappeared in his May, with nearly $3 million in user funds stolen again.

CHIBI, the native Chibi Finance token, plummeted following the news. CHIB price plunged to near zero on Tuesday morning after trading above $1.62 on Monday. According to CoinGecko data, the crypto token has lost 98.7% of its value in the last 24 hours and is currently hovering around $0.017.

By Jules

Leave a Reply