Ethereum

Arbitrum

Tornado

The cryptocurrency community reported that xKingdom, a project on the Arbitrum (ARB) network, has suddenly ceased operations. The project's official Twitter account has been deleted and the website is no longer accessible.
Allegedly, the project team stole Ethereum (ETH) staked by users, converted it to Tether (USDT), and then transferred it to the Ethereum mainnet. The estimated profit from this transaction is approximately 552 ETH, equivalent to approximately $1.02 million.
The funds are currently believed to be stored at Ethereum address 0xCA…74c6 and are reportedly shuffled using the privacy tool Tornado.Cash, making the funds difficult to track.
Related News: <a href="https://en.bitcoinsistemi.com/confusing-tax-announcement-from-the-chinese-government-does-it-include-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Confusing Tax Announcement from the Chinese Government: Does It Include Bitcoin?</a>
Cyvers, a cryptocurrency security firm, confirmed the claims, saying:
<blockquote>
 “Our system detected a rugpull operation on XKING. The scammer, the address on the ARB transferred all funds to ETH. $1.24 million deposited into Tornado Cash.”
</blockquote>
In addition to the website and Twitter account, all other social media accounts associated with xKingdom have also been taken down. However, it is thought that some funds belonging to the fraudster remain in central exchanges and can be recovered.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/rugpull-shock-in-the-arbitrum-ecosystem-project-developer-disappears-with-user-funds/" rel="noopener noreferrer nofollow">Rugpull Shock in the Arbitrum Ecosystem: Project Developer Disappears with User Funds</a>

Rugpull Shock in the Arbitrum Ecosystem: Project Developer Disappears with User Funds

Bitcoin Sistemi EN

Other articles published on Jan 7, 2024

1INCH Price Getting Ready For Breakout; Will it Fly to $1?

SHIB price struggles despite escalating number of addresses

Volatility in Bitcoin Leads to Bigger Losses in Altcoins

Ripple Prediction 2024 : What’s In Store For XRP Price Amidst IPO Rumor

Bitcoin spot ETF: BlackRock expects approval on this date

Google Bard’s Predictive Gaze – Shiba Inu (SHIB) may Soar if Bitcoin Hits $200,000 After Halving

Join our free newsletter for daily crypto updates!