In the latest news that shook the crypto world, CertiK accused Ordinals Finance was nothing but a scam project that has led to a loss of $1 million.
Ordinals Finance touted itself as an Ethereum (ETH) based DeFi protocol that allowed lending and borrowing inscriptions. But on April 24, 2023, it suddenly pulled out of the market using “safuToken” and “ownerRewithdraw” functions, leaving its investors high and dry.
According to the data, the deployer withdrew OFI tokens from the OEBStaking contract, exchanged them for ETH, and transferred them to the EOA address (0x34e…25cCF), ultimately funneling away 550 ETH, which amounts to approximately $1 million.
After the transfer, the initiators deleted all social media accounts and the project website, leaving investors with no means of recourse. The ETH address associated with this heist is 0x419E35E3515c2fDB652C898bF7A0B21FB20497dC.
Furthermore, data from Certik’s website shows that the token had at least 1,287 holders at the time of the rug pull, meaning that a significant number of investors have been affected by this scam.
According to the data shared by Certik’s Tweet, all the stolen funds were further transferred from 0x34eA9… to TornadoCash mixer to swap and erase all traces. The total amount deposited was 550 ETH that equates to nearly $1 Million!
The current OFI price, according to CoinMarketCap, is $0.00009939, which indicates a drop of 96% in the token’s value. The rug pull further emphasizes the devastating effects that a scam project can have on its investors.
Unfortunately, scam projects are becoming increasingly common in the crypto market, thanks to the rapid growth of cryptocurrency and decentralized finance (DeFi). Many investors fall into these sophisticated traps despite warnings.
Also Read: A Guide to do your own Research (DYOR) for Crypto Trading
Once the scammers amass a large amount of money, they can manipulate investors and disappear without a trace, as is the case with Ordinals Finance. Therefore, investors must remain vigilant and exercise caution before investing their money into any project.
At our core, we care deeply about the safety and well-being of our community and the broader crypto community. We strive to educate and inform our members about the latest scams, possible pump-and-dump schemes, and rug pulls, in the hope that they will be empowered to avoid falling victim to these malicious actors.
