Arbix Finance, the profit farming protocol based on Binance Smart Chain, has been identified as a rugby game by the blockchain security firm CertiK.

According to the company’s crash analysis, there are several reasons for flagging the project.

The security firm claims that “ARBX contract only works with owner embossed, 10 million Arbix Finance embossed at 8 addresses” and 4.5 million Arbix Financeembossed at a single address. CertiK later confirmed that “4.5 million tokens that were subsequently minted were disposed of”.

Incident Analysis????

First. $ ARBX Contract has mint () with onlyOwner function

2. 10M $ ARBX were minted at 8 addresses

3. ~ 4.5 million ARBX were minted at: 0x161262d172699cf0a5e09b6cdfa5fee7f32c183d

4. The 4.5M ARBX were then unloaded

– CertiK safety leaderboard (@certikorg) January 4, 2022

CertiK also reported that $ 10 million of user deposited funds were transferred to unverified pools and a hacker eventually withdrew all assets from those pools.

Using the Skytrace fraud risk analysis tool, the company discovered that the hacker had transferred funds to Ethereum via the decentralized exchange AnySwap USDT.

The term “carpet drawing” is used to define events where developers completely abandon a project after receiving a large capital investment. Scams like these are very common in the crypto industry, posting a total loss of more than $ 7.7 billion.

A report by Chainalysis shows that “37% of total crypto fraud revenue in 2021” came from pulling carpets.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page