Compound

Value

Arbitrum

ZachXBT

Tornado

Sorta Finance has raised significant red flags as a potential exit scam on the Arbitrum network as per the reports from ZachXBT. This warning comes amidst their history of fraudulent activities, which includes over $25 million in stolen funds as Magnate, Kokomo, Lendora, Solfire, Crolend, and HashDAO. 
The suspicious activity begins with the deployer of Sorta receiving new funding, with the first address to interact with Sorta’s contracts newly funded with 100 ETH sourced from Tornado Cash. 
<div class="wp-block-image"> 
 <figure class="aligncenter">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXf4LWZ6HZQEbb9dFO0CfAy05kQdJliFftXlcLYBZDLeWkeKa90iHsaUIsbsZiydI0I2KnYbeAnncAGGh8mcKWFoS6KHc_0cHjokwVWC8Bb62_fX0kvNXUEfMKVnh75a1P8TkCvMEKeV_1vqYf6ylqN1D97x?key=oKjgFJ2JjBFPmpKb3IbQaA" alt="ZachXBT's twit">
 <figcaption class="wp-element-caption">
 Image Source: <a href="https://x.com/zachxbt/status/1816443881447440789" target="_blank" rel="noreferrer noopener nofollow">ZachXBT</a>
 </figcaption>
 </figure>
</div> 
This transaction history includes Sorta’s initial funding from a Tornado address (0x4a…35b) and a Tornado withdrawal transaction (0xdc…909). 
Sorta Finance’s operations involve forking Compound V2 across various EVM chains. Their modus operandi typically involves accumulating a significant Total Value Locked (TVL), halting withdrawals, and borrowing to execute a rug pull, leaving users stranded.&nbsp; 
The scammers often employ low-quality audit firms for contract verification and fake KYC processes, while paying F-tier influencers to endorse their protocols to mislead readers with promoted posts. 
The Sorta deployer addresses to be cautious of are (0x30…e41) and (0x37…d88). The community must stay vigilant and avoid engaging with this protocol to safeguard their assets from potential theft. 
ZachXBT <a href="https://x.com/zachxbt/status/1816443885868191913" target="_blank" rel="noreferrer noopener nofollow">referring</a> to other scams stated, with only $76K in TVL right now, why does it matter? Historically, they have managed to inflate these scam forks to millions in TVL. ZachXBT also mentioned that they would rather identify and address these issues early on to prevent more people from getting burned. For context, they have already pulled off scams this year on Blast, Base, and Arbitrum. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/07/25/monoswap-hack-users-advised-to-stop-staking-and-withdraw-funds/" target="_blank" rel="noreferrer noopener">MonoSwap Hack: Users Advised to Stop Staking and Withdraw Funds</a> 
</blockquote>

ZachXBT Warns Users About Sorta Finance Possible Exit Scam

The Crypto Times

Andere artikelen gepubliceerd op 25 jul 2024

ETH ETFs Near $1 Billion Mark

Jito to introduce restaking on Solana

Spot Ethereum ETFs: Early Outflows But Long-Term Potential Remains Strong

Switzerland Requires All Government Software to Be Open Source

Santiment Names 4 Altcoins: “They Are Under Intense Short, Liquidations Could Ignite Prices Like ...

Crypto is democratizing investment banking options — Lightspark founder

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!