OrdiZK

The team behind cross-chain bridging protocol OrdiZK (OZK) has allegedly performed an exit scam, taking off with $1.4 million worth of investors’ cryptocurrency, according to blockchain security platform CertiK.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/916b1ac8-7be5-4650-a694-12e0e4d2517d.png">
 <figcaption style="text-align: center;">Certik alert for alleged OrdiZK rug pull. Source: <a href="https://twitter.com/CertiKAlert/status/1764975930097770866" target="_blank" rel="noopener noreferrer nofollow">Certik alert X account</a>.
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Certik reports that on March 4, the protocol’s deployer account allegedly dumped 489 million OZK tokens on a decentralized exchange, receiving $132,000 in return. This sale caused the token price to plunge by 98%. Then, on March 5, it sold another approximately $214,000 worth of OZK, causing an additional 99% slippage.
Blockchain data confirms that on March 4, the OZK deployer <a href="https://etherscan.io/tx/0xca7b096c680ec42c7fa2abe1b3473793ad521630cdc4a3d5ee66a24146db9656" target="_blank" rel="noopener noreferrer nofollow">called</a> the “execute” function on Uniswap’s Universal Router contract, which resulted in approximately 489 million OZK being swapped for 35.65 Ether (ETH). On March 5, an additional 121 million OZK <a href="https://etherscan.io/tx/0xf1e612c2382f6efc15bff583b26132bb43c9f8e1ebbc3ab614821158091d7b33" target="_blank" rel="noopener noreferrer nofollow">was</a> swapped through the execute function, resulting in another 0.93 ETH being transferred from Uniswap’s OZK/ETH liquidity pool into the deployer account.
The deployer also <a href="https://etherscan.io/tx/0xba105f14470a5a4f7dee21b73e5f8f3824dc27d75dca4118465488ebf3d3e672" target="_blank" rel="noopener noreferrer nofollow">withdrew</a> 57.68 ETH (approximately $197,000 worth at today’s price) from the OZKStake contract, which it accomplished by calling the “emergencyWithdraw” function. According to Certik, the project also held $263,000 in a “marketing wallet” and $174,000 in a “treasury wallet,” implying that the project held over $1.4 million between the three wallets before it allegedly commenced its exit scam.
The project’s X account has been deleted, along with its Telegram group and documents.
Related: <a href="https://cointelegraph.com/news/scammers-use-fomo-misleading-code-to-rug-32m-from-victims-blockfence" rel="noopener noreferrer nofollow">How scammers used misleading code to rug 42K victims — Blockfence</a>
It's only two months into 2024, but crypto scammers and hackers have already snatched hundreds of millions of dollars from victims. According to blockchain security firm Immunefi, over $200 million <a href="https://cointelegraph.com/news/hacked-funds-2024-increased-compared-last-year" rel="noopener noreferrer nofollow">has been lost</a> in these incidents in the year so far. On Feb. 26, gambling protocol RiskOnBlast <a href="https://cointelegraph.com/news/risk-on-blast-suspected-rug-pull-on-blast-after-1m-presale" rel="noopener noreferrer nofollow">became the first rug pull</a> to occur on the new Blast network, running off with $1 million of investors’ funds in the process.

OrdiZK bridge vanishes in alleged $1.4M rug pull: CertiK

Cointelegraph

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