Developers of a decentralized exchange based on Arbitrum called Swaprum have drained $3 million worth of ETH from the protocol in what looks to be an apparent rug pull or exit scam.
Swaprum Team Pulls Off $3M Heist
Cryptocurrencies are built on the principles of trust and transparency. However, the specter of hacks and rug pulls has often cast a long and dark shadow on the industry. Recent events have provided a grim reminder of the constant threat from hacks and scams, as users of Swaprum have unfortunately discovered. Swaprum is a decentralized exchange (DEX) on the Arbitrum Network. It has now emerged that the developers at Swaprum have pulled off a rug pull on its users, draining $3 million worth of ETH from the protocol.
The decentralized exchange offered users low swapping fees, exceptionally high farming rewards, and the potential to earn up to 100% annual percentage yield (APY).
Details Of The Rug Pull
The rug pull was discovered by blockchain security firm PeckShield
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