{"id":389960,"date":"2022-01-05T19:15:00","date_gmt":"2022-01-05T16:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/certik-identifies-arbix-finance-as-a-rug-pull-warns-users-to-steer-clear\/"},"modified":"2022-01-05T19:15:00","modified_gmt":"2022-01-05T16:15:00","slug":"certik-identifies-arbix-finance-as-a-rug-pull-warns-users-to-steer-clear","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/certik-identifies-arbix-finance-as-a-rug-pull-warns-users-to-steer-clear\/","title":{"rendered":"# Certik identifies Arbix Finance as a rug pull, warns users to steer clear"},"content":{"rendered":"<p>&#8220;<strong># Certik identifies Arbix Finance as a rug pull, warns users to steer clear <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDEvYjIwZGYwYmYtNGE4MC00NzI1LTg2OWMtMmQ4MjFkY2U2MTEwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>BSC-based yield farming protocol Arbix Finance was identified by blockchain security company Certik as a rug pull.\u00a0<\/p>\n<p>According to the firm\u2019s incident <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/certikorg\/status\/1478243729244839938\">analysis<\/a>, there were several reasons why the project was flagged. The security firm cites that the ARBX contract has mint() with onlyOwner function, 10 million ARBX tokens were minted to 8 addresses, and 4.5 million ARBX were minted to a single address. Following this, Certik confirmed that the 4.5M minted tokens were then dumped.<\/p>\n<p>The firm also reported that the $10 million in funds deposited by users were directed to pools that are unverified, and eventually, a hacker drained all the assets from the pools.\u00a0<\/p>\n<p>Using the platform\u2019s Skytrace to analyze the risk of fraud, the firm determined that the hacker sw<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed the funds to Ethereum through decentralized exchange AnySwap USDT.<\/p>\n<p>The term rug pull is used to define events where developers abandon projects entirely after receiving a huge amount of investments in their fake crypto or decentralized finance project. Scams such as this are very prevalent in the crypto industry and record over $7.7 billion worth of cryptocurrency funds lost by scam victims globally.<\/p>\n<p>A report by Chainanalysis suggested that rug pulls contributed the most to the increase of money lost through crypto scams in 2021. The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/blog.chainalysis.com\/reports\/2021-crypto-scam-revenues\/\">report<\/a> noted that \u201c37% of all cryptocurrency scam revenue in 2021\u201d were rug pulls.\u00a0<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>How to spot a rug pull in DeFi \u2014 6 tips by Cointelegraph<\/em><\/strong><\/p>\n<p>Back in November 2021, investors lost around $57 million worth of Ether in a rug pull by AnubisDAO, a fork of OlympusDAO. Investors noted extravagant gains in the popular canine-themed meme coins were some of the reasons why they invested in the rug pull.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/p>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/certik-identifies-arbix-finance-as-a-rug-pull-warns-users-to-steer-clear\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Certik identifies Arbix Finance as a rug pull, warns users to steer clear &#8221; BSC-based yield farming protocol Arbix Finance was identified by blockchain security company Certik as a rug pull.\u00a0 According to the firm\u2019s incident analysis, there were several reasons why the project was flagged. The security firm cites that the ARBX contract&#8230;<\/p>\n","protected":false},"author":1,"featured_media":389961,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDEvYjIwZGYwYmYtNGE4MC00NzI1LTg2OWMtMmQ4MjFkY2U2MTEwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74863,74868,71006,71101],"class_list":["post-389960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-cryptocurrencies","tag-defi","tag-fraud","tag-scams"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/389960","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=389960"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/389960\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/389961"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=389960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=389960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=389960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}