Chibi Finance, an arbitrum-based DeFi mission, vanished into thin air with $1 million in what a probable rug is reportedly pull.
It is said that Chibi Finance, which recently moved solely to the Layer 2 community of Arbitrum, depleted its liquidity pool and vanished with 555 ethers (ETH). That amounts to nearly $1 million in person deposits at the current market rate.
The most recent rug grabs from Chibi Finance
The Chibi Finance team withdrew staked tokens by converting them to ETH and then sending them to the Ethereum community using the cryptocurrency mixing tool Twister Money, according to a warning from blockchain security and data analysis firm PeckShield.
The DeFi initiative’s social media profiles on Twitter and Telegram have reportedly been erased, along with the Chibi Finance employees. The website for the platform may also be unavailable.
The recent influx of harmful individuals within the Arbitrum and Ethereum ecosystems is made possible by Chibi Finance’s blatant rug pull. zkSync mission Merlin is accused of stealing $2 million from its clients in April. While this was going on, the Arbitrum-based Swaprun disappeared in Could after stealing up to $3 million in private funds.
The native Chibi Finance token, CHIBI, has fallen as a result of the news. Tuesday morning saw a significant drop in CHIB value to around $0 after trading above $1.62 on Monday. According to data from CoinGecko, the cryptocurrency token has lost 98.7% of its value in the last 24 hours and is currently trading around $0.017.
