Swaprum DEX Faces $3 Million Rug Pull Nightmare: SAPR Token Plunges 100% – Investor Bites

SNEAK PEEK

• Swaprum has experienced a rug pull, resulting in $3 million in losses.
• The scammers responsible for the rug pull bridged approximately 1,628 Ethereum (ETH) from Arbitrum.
• AnubisDAO, another project, also recently fell victim to a rug pull, transferring $5.9 million worth of ETH to Tornado Cash.

In a devastating turn of events, the decentralized exchange (DEX) Swaprum has fallen victim to a rug pull on the Arbitrum network, resulting in approximately $3 million in losses. The native token of Swaprum, SAPR, has experienced a sharp decline, plummeting by 100%.

#PeckShieldAler #rugpull @Swaprum on #Arbitrum rugged ~$3M, $SAPR has dropped -100%. @Swaprum already deleted its social accounts/groups.
The scammers have bridged ~1,628 $ETH to #Ethereum and laundered 1,620 $ETH to Tornado Cashhttps://t.co/tUNgbwGQCd pic.twitter.com/UH8V9RyFHy

— PeckShieldAlert (@PeckShieldAlert) May 19, 2023

The alarming incident was brought to light by PeckShieldAlert in a tweet that revealed the dire consequences of the scam. Compounding the severity of the situation, Swaprum has taken immediate action by deleting all its social media accounts and groups, leaving affected users with limited means of communication and support.

According to the information shared by PeckShieldAlert, the scammers responsible for the rug pull successfully bridged approximately 1,628 Ethereum (ETH) from Arbitrum to the ETH network. Additionally, this illicit act allowed them to further obfuscate their tracks by laundering 1,620 ETH through the popular privacy-focused mixer Tornado Cash.

The rug pull executed on Swaprum has resulted in significant financial losses for affected users and highlighted the vulnerability of decentralized finance (DeFi) platforms to malicious actors. The rug pulls phenomenon, whereby developers abandon a project after exploiting users, remains a persistent threat within the crypto space.

According to reports, AnubisDAO recently fell victim to another malicious rug pull, transferring approximately $5.9 million worth of 3,000 ETH to Tornado Cash. The rug pull involved the active movement of funds from the rug pool address to Tornado Cash.

The Swaprum rug pull is a stark reminder of the importance of security measures, robust auditing practices, and transparent communication within the DeFi ecosystem. Both developers and users must collaborate in establishing best practices that can help mitigate the risks associated with decentralized platforms and safeguard the community’s interests.

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• Source: https://investorbites.com/swaprum-dex-faces-3-million-rug-pull-nightmare-sapr-token-plunges-100/