2024

Base

Tornado Cash

Tornado

<p class="is-style-lead">Developers have rug pulled the ETHTrustFund project on the Base network, leading to investor losses amounting to $2 million worth of Ethereum.</p>
<p>The fraudulent project abruptly moved these funds from its treasury to a new wallet. Notably, crypto community figure Octoshi first called attention to the scam. He disclosed a series of suspicious funds transfers and the project’s sudden inactivity.&nbsp;</p>
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   <p lang="en" dir="ltr">RUG ALERT 🚨<br><br>Yesterday, the project known as ETHTrustFund (<a href="https://twitter.com/ETHTrustFund_?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@ethtrustfund_</a> now deleted) sent +$2M from the treasury to a new wallet, after months of intentional inactivity by the dev, it seems that he has decided to steal the funds 👇 <a href="https://t.co/YcswifyHmQ" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/YcswifyHmQ</a></p>— Octoshi.eth (@0ctoshi) <a href="https://twitter.com/0ctoshi/status/1815026461675335752?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 21, 2024</a>
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<p>According to Octoshi, the project’s developer, known only as “Peng,” had been unresponsive for the past three months. This period of silence followed months of building trust and raising over $2 million for ETHTrustFund’s treasury. The project’s website has since gone offline, and its social media accounts have been deleted.</p>
<p>ETHTrustFund marketed itself as a type of OHM fork, capitalizing on the interest within the Base network community. It attracted substantial investment by leveraging the excitement surrounding the network, memes, and <a href="https://crypto.news/ethereum-price-increase-etf-anticipation-intensifies/" rel="noopener noreferrer nofollow">ETFs</a>. The project’s documentation remains available, but all other traces have vanished.</p>
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<p>Blockchain security firm PeckShield confirmed the rug pull, revealing that the scammers had already laundered the stolen funds.&nbsp;</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#PeckShieldAlert</a> <a href="https://twitter.com/hashtag/rugpull?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#rugpull</a> <a href="https://twitter.com/0ctoshi?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@0ctoshi</a> reported that <a href="https://twitter.com/ETHTrustFund_?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@ethtrustfund_</a> rugged ~$2m worth of cryptos on <a href="https://twitter.com/hashtag/Base?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Base</a>. <br>The scammers have already bridged the stolen funds to <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Ethereum</a> &amp; laundered them via <a href="https://twitter.com/hashtag/Tornadocash?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Tornadocash</a> &amp; <a href="https://twitter.com/hashtag/Railgun?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Railgun</a> <a href="https://t.co/jmKVgiQb8C" target="_blank" rel="noopener noreferrer nofollow">https://t.co/jmKVgiQb8C</a> <a href="https://t.co/MzJsvQ1pyV" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/MzJsvQ1pyV</a></p>— PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1815275372818428332?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 22, 2024</a>
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<p>The perpetrators bridged the funds from the Base network to Ethereum (<a href="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>)&nbsp; and then used Tornado Cash and Railgun, both known for their privacy features, to obscure the trail of the stolen assets.&nbsp;</p>
<p>Etherscan data confirms these findings, showing that the developer siphoned exactly 607 ETH, equivalent to $2.1 million.</p>
<p>Detailed transaction logs from Etherscan indicate that one of the developer’s primary <a href="https://etherscan.io/address/0x374f4bd39ad211e67e0f8cb8ebf1b4f6ac3059ad" target="_blank" rel="noopener noreferrer nofollow">addresses</a> moved 200 ETH to Railgun at 13:27 UTC. Shortly after, this address transferred another 200 ETH to Tornado Cash in two separate transactions. An additional 56.9 ETH was then funneled back to Railgun.</p>
<p>Base has been a hotbed for rug pulls in recent times, as market participants seek to ride on the growing FOMO surrounding the network.</p>
<p>Last August, Magnet Finance, a protocol on Base, was <a href="https://crypto.news/magnet-finance-rug-pulls-6-4m-on-base-l2/" rel="noopener noreferrer nofollow">rug-pulled</a> for $6.4 million.&nbsp;<br>Solana has also had its fair share of rug pulls, with one involving the <a href="https://crypto.news/solana-meme-token-rug-pull-urf/" rel="noopener noreferrer nofollow">URF meme coin</a> and another connected to the <a href="https://crypto.news/solana-meme-coin-team-rug-pull/" rel="noopener noreferrer nofollow">CONDOM meme coin</a> project. Both of these rug pulls occurred in April.</p>
<p>Read more: <a href="https://crypto.news/sol-zk-brett-top-cryptocurrencies-to-watch-this-week/" rel="noopener noreferrer nofollow"> SOL, ZK, BRETT: Top cryptocurrencies to watch this week </a></p>

ETHTrustFund rug pulls on Base, leading to $2m in investor losses

crypto.news

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