Rug pull: Chibi Finance evaporates with $1m in ETH

The team behind Chibi Financea new DeFi protocol based on Arbitrum which proposed yield farming, a missing with the case.

This Tuesday morning, Peckshield reported a potential rug pull. According to cybersecurity startup blockchain, Chibi Finance has run off with about 555 ethersor just over a million dollars at the current price.

The decentralized finance protocol took care to remove its website and networks. Using web archiving tools, the project’s wiki can be found.

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Chibi proposes a Yield Farming Optimizerinitiated on the Arbitrum channel. We provide users with DeFi Self-composite yields at optimal intervals through the pooling of gas costs via our smart contracts. Users will also receive CHIBI tokens when they place their bets in our vaults. These CHIBI issues are a form of reward for our first users,” it read.

According to Peckshield, the stolen funds were exchanged for approx. 555 ETH and transferred fromArbitrum to Ethereum. They have since been deposited in the Tornado Cash crypto blender.

Scams like rug pull continue to claim numerous victims in 2023. Earlier this year, the Orion Finance, Merlin and Kokomo Finance protocols also disappeared with their users’ funds.

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