Apr 2024 - Avolend Finance Rug Pull - $253k (Global)
"Avolend is a decentralized collateralized lending protocol built on Blast Chain. The protocol aims to provide investors with an innovative way to earn reward tokens - AVO, by participating in lending activities. The core functionality of Avolend allows users to leverage their assets as collateral to obtain borrowing funds."
"@Avolend_Finance is a decentralized lending protocol that provides wide range of financial services to individuals and institutions #Avolend aims to provide investors with an innovative way to earn reward tokens."
"In the Blast ecosystem, the project Avolend Finance is suspected to be a rug pull. Currently, its official website and Twitter account cannot be accessed."
"I don't know what to say but I am one of the biggest victims from this rug by Avolend on @Blast_L2. Lost near 100k in there.
Not much to explain; was my fault for diversifying into a risky lending protocol. I knew the risk involved, hence I did not share it publicly or privately, but unfortunately, the money is gone.
Wonder if @zachxbt can help me trace him down somehow. Already forwarded him everything I know."
Further Analysis
Avolend Finance launched on the hot new Blast Protocol and quickly grew to one of the largest projects on the network. The project was officially linked on the Black Protocol homepage, gained listing on AscendEx and CoinGecko, and promoted a partnership with RogueX. They claimed to have been audited by the blockchain security firm BlockApex, however BlockApex came out to deny any auditing was performed. The project finally rug pulled by using their smart contract to create fake collateral and take out a large loan, which was then bridged out of the Blast ecosystem. Websites, tweets, and all other form of media appear to have been deleted. RogueX came out after the rug pull to make clear that they had not completed any KYC and had only had a Telegram discussion.
How Could This Have Been Prevented?
More Cryptocurrency Exchange Hacks/Scams/Frauds
CondomSOL Rug Pull > > < < FixedFloat April Fools Day Exploit
Sources/Further Reading
SlowMist Hacked - SlowMist Zone (Dec 31)
@Avolend_Finance Twitter (Dec 31)
https://dropstab.com/coins/avolend (Dec 31)
Avolend (AVO) Coin Profile, Info and Statistics | FXEmpire (Dec 31)
AVO (AVO) Token Tracker | BLAST
(Dec 31)
@mouisaac Twitter (Dec 31)
@Crypt0Darkh0rse Twitter (Dec 31)
Blastscan Transactions Information | BLAST
(Dec 31)
@SpaceOnBlast Twitter (Dec 31)
@CoingeckoLineup Twitter (Dec 31)
@Roguex_io Twitter (Dec 31)
@Definews_Info Twitter (Dec 31)
@AscendEX_ Twitter (Dec 31)
@block_apex Twitter (Dec 31)
@blastronaut_eth Twitter (Dec 31)
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