{"id":49488,"date":"2023-04-25T01:15:47","date_gmt":"2023-04-25T01:15:47","guid":{"rendered":"http:\/\/egrowonline.com\/?p=49488"},"modified":"2023-04-25T01:15:47","modified_gmt":"2023-04-25T01:15:47","slug":"ordinals-finance-has-conducted-a-1m-rug-pull-certik","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=49488","title":{"rendered":"Ordinals Finance has conducted a $1M rug pull: CertiK"},"content":{"rendered":"


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Ordinals Finance, an Ethereum-based decentralized finance (DeFi) protocol that allows users to lend and borrow inscriptions, has been accused of performing an exit scam, also known as a \u201crug pull.\u201d<\/p>\n

In an April 24 press release seen by Cointelegraph, blockchain security firm CertiK reported that the protocol\u2019s developer pulled 256 million OFI tokens out of its smart contracts using a \u201csafuToken\u201d function. Another 13 million OFI was removed through an \u201cownerRewithdraw\u201d function, bringing the total number of tokens withdrawn to 269 million, CertiK stated.<\/p>\n

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#CertiKSkynetAlert<\/a> <\/p>\n

We can confirm that the @ordinalsfinance<\/a> exit scam has resulted in a loss of $1 million. <\/p>\n

All social media accounts have been deleted as well as the project’s website.<\/p>\n

Funds have been consolidated into EOA 0x34e\u202625cCFhttps:\/\/t.co\/0Pwlt3yibm<\/a> https:\/\/t.co\/RA7vSjNajI<\/a><\/p>\n

\u2014 CertiK Alert (@CertiKAlert) April 24, 2023<\/a><\/p><\/blockquote>\n

According to the blockchain security firm, the total loss to investors is $1 million. CoinGecko data shows that the market capitalization for OFI was $2.3 million before the alleged exit, but\u00a0it fell to slightly over $143,000 afterward. This implies that losses were more than $2 million. However, some OFI token owners may have sold as the news broke, which may account for the lower amount being reported by CertiK.\u00a0<\/p>\n

Blockchain data shows that the Ordinals deployer account withdrew<\/a>\u00a0over 256 million OFI tokens using the safuToken function. These funds were allegedly sent<\/a> to a separate\u00a0Ethereum account through multiple transactions. Blockchain data shows that this address received OFI from multiple addresses before depositing the tokens into Tornado Cash.<\/p>\n

The project’s Twitter account appears to have been deleted.<\/p>\n

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The Ordinals Finance Twitter account was deleted on April 24. Source: Twitter\u00a0<\/em><\/figcaption><\/figure>\n

Further investigation reveals that after receiving the 256 million OFI, the deployer account made<\/a> 12 separate transactions swapping OFI for Ether (ETH<\/a>).<\/p>\n

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The Ordinals Finance deployer address transactions on April 24. Source: Etherscan<\/em><\/figcaption><\/figure>\n

The deployer then transferred over 85.5 ETH to the account ending in \u201ccCF,\u201d at which point it was deposited into Tornado Cash.<\/p>\n

The safuToken transfer was executed on a contract labeled \u201cOEB Staking.\u201d This function is listed<\/a> at the bottom of the file, on lines 1445-1450, and appears to allow the \u201cowner\u201d of the contract to transfer all staked tokens to itself.<\/p>\n

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SafuToken function in OEB Staking contract. Source: Etherscan<\/em><\/figcaption><\/figure>\n

The deployer account also made multiple calls to the OFI Staking contract to transfer tokens to itself, each time using a function on lines 305\u2013308 called \u201cownerRewithdraw.\u201d It appears to allow<\/a> the owner to withdraw any amount of tokens from the staking contract, as long as the balance in the contract is greater than a variable called \u201ctotalOwedValue.\u201d<\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Ordinals Finance, an Ethereum-based decentralized finance (DeFi) protocol that allows users to lend and borrow inscriptions, has been accused of performing an exit scam, also known as a \u201crug pull.\u201d In an April 24 press release seen by Cointelegraph, blockchain security firm CertiK reported that the protocol\u2019s developer pulled 256 million OFI tokens out of […]<\/p>\n","protected":false},"author":1,"featured_media":49489,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[41],"tags":[8776,15208,28,13626,4872,4871],"class_list":["post-49488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-certik","tag-conducted","tag-finance","tag-ordinals","tag-pull","tag-rug"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/04\/00a3a353-ffba-4d34-a2a9-91df2bc4020b.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/49488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=49488"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/49488\/revisions"}],"predecessor-version":[{"id":49490,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/49488\/revisions\/49490"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/49489"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49488"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}