May 2023 - SwapRum Rug Pull - $2.95m (Global)
"Next Generation Decentralized Exchange"
"Swaprum is a next-generation decentralized exchange with a range of trading tools and potential earnings of up to 100% APY. Explore limitless possibilities in the world of DeFi with Swaprum."
"Swaprum (@Swaprum) on Arbitrum rugged by its founders for ~$3M"
"The deployer of Swaprum utilized a backdoor function, add(), to steal LP tokens staked by users
Following the theft, liquidity was swiftly stolen from the pool by the deployer"
"Then, the deployer of Swaprum transferred all the funds to Ethereum network using cross chain bridges such as @MultichainOrg, @AcrossProtocol, and @CelerNetwork. After successfully bridging 1620 $ETH through these platforms, he funneled it into @TornadoCash."
"At this time @Swaprum has deleted all their social media accounts and groups."
"As a result of this rugpull, the token $SAPR has plummeted by 100%. The scammers managed to escape with approximately 1,628 ETH, equivalent to around $2.95 million."
"CertiK AGAIN!
Why in the hell are these degens giving such "projects" money?
It's frustrating to see all these scammers since 2010, hello braincell."
Further Analysis
SwapRum Finance offered a next generation decentralized exchange. They obtained an audit from CertiK but only partially resolved some of the issues in their project. Then they used one of those issues to execute a rug pull and withdraw all funds form the liquidity pool, which were then brought out through TornadoCash.
How Could This Have Been Prevented?
More Cryptocurrency Exchange Hacks/Scams/Frauds
Tornado Cash Governance Overtaken > > < < EOS EVM Contract Drain Vulnerability
Sources/Further Reading
SlowMist Hacked - SlowMist Zone (Dec 31)
@hackenclub Twitter (Dec 31)
@hackenclub Twitter (Dec 31)
Arbitrum Transaction Hash (Txhash) Details | Arbiscan
(Dec 31)
@Sebasti04989541 Twitter (Dec 31)
@cryptoemprende_ Twitter (Dec 31)
@Lucas75831804 Twitter (Dec 31)
@AnciliaInc Twitter (Dec 31)
@Jessiedegens Twitter (Dec 31)
@MetaSleuth Twitter (Dec 31)
@Damicale_s Twitter (Dec 31)
@MartiniGuyYT Twitter (Dec 31)
@PeckShieldAlert Twitter (Dec 31)
@Damicale_s Twitter (Dec 31)
@DeDotFiSecurity Twitter (Dec 31)
@TheBlock__ Twitter (Dec 31)
@Musiclo62847240 Twitter (Dec 31)
@saito_pickNEWS Twitter (Dec 31)
@jinyachao1999 Twitter (Dec 31)
@taka__crypto Twitter (Dec 31)
@huntershannoHS Twitter (Dec 31)
@moff_coin Twitter (Dec 31)
@WhaleCoinTalk Twitter (Dec 31)
@waleedmahmoud99 Twitter (Dec 31)
@Marcin_K88 Twitter (Dec 31)
@MTomczak_org Twitter (Dec 31)
@rnsahin Twitter (Dec 31)
@CyversAlerts Twitter (Dec 31)
@CryptoSavingExp Twitter (Dec 31)
@cryptokere Twitter (Dec 31)
@Damicale_s Twitter (Dec 31)
@vadymnikolskyi1 Twitter (Dec 31)
@mueb2eth Twitter (Dec 31)
@Crypto_Potato Twitter (Dec 31)
@esatoshiclub Twitter (Dec 31)
@AlabasiMamoun Twitter (Dec 31)
@Brahmi1973 Twitter (Dec 31)
@MNAThu0105 Twitter (Dec 31)
@numencyber Twitter (Dec 31)
@_Koinbul_ Twitter (Dec 31)
@0xEpica Twitter (Dec 31)
@Lun68251148 Twitter (Dec 31)
@BecauseBitcoin Twitter (Dec 31)
@djkhileshraj Twitter (Dec 31)
@CyversAlerts Twitter (Dec 31)
@YunasMF Twitter (Dec 31)
@Perseus_Crypto_ Twitter (Dec 31)
@CryptaiaTech Twitter (Dec 31)
@BecauseBitcoin Twitter (Dec 31)
@NewsGagarin Twitter (Dec 31)
@MajedMaddev Twitter (Dec 31)
@JuanP_marin Twitter (Dec 31)
@JurangCrypto Twitter (Dec 31)
@ChainAegis Twitter (Dec 31)
@aloponaf Twitter (Dec 31)
@dariush72249709 Twitter (Dec 31)
@BeosinAlert Twitter (Dec 31)
@datedata51 Twitter (Dec 31)
@DailyNewsWeb3 Twitter (Dec 31)
@AryoBagas9 Twitter (Dec 31)
@BlinAnalytics Twitter (Dec 31)
@AyodeleSammylee Twitter (Dec 31)
@tokenmetricsinc Twitter (Dec 31)
@hayatkhan6931 Twitter (Dec 31)
@web3wiser Twitter (Dec 31)
@blm_crypto Twitter (Dec 31)
@pSquare_Daily Twitter (Dec 31)
@web3_watchdog Twitter (Dec 31)
@Parhan235 Twitter (Dec 31)
@Kirill186186 Twitter (Dec 31)
@Beyond_Karto Twitter (Dec 31)
@DeFiVisionary Twitter (Dec 31)
@Sanjeev08818841 Twitter (Dec 31)
@winnerill Twitter (Dec 31)
@la_marziaa Twitter (Dec 31)
@mohsencng Twitter (Dec 31)
@Beyond_bitcoin1 Twitter (Dec 31)
@TheCryptopurity Twitter (Dec 31)
@Khuongeyeless Twitter (Dec 31)
Swaprum - CertiK Skynet Project Insight (Dec 31)
The Block: Swaprum DEX team disappears with $3 million in apparent exit scam (Dec 31)
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