Arbitrum-based DEX ArbiSwap rugs users days after launch token down 99%

Arbitrum-based decentralized exchange (DEX) ArbiSwap solid As of March 2nd, the ARBI token has lost over 99% of its value.

Following the rug, the token crashed from $1.5 to $0.0000000093.

ArbiSwap developers seeded most of the ARBI pairs at launch, thus controlling the liquidity pool of the platform.

According to PeckShield, ArbiSwap deployers created 1 trillion tokens and exchanged them for USDC, resulting in a significant drop in the value of ARBI on the USDC/ARBI pair on the DEX. The exploiter then executed a spatial arbitrage trade on the next block, returning USDC to his ARBI and trading all of it to Ethereum. You have earned a total profit of 68.47 ETH from trading.

Arbi rug pullers roughly stole, based on on-chain data 84 Ethereum Moved from project to Tornado Cash.

ArbiSwap launched on February 24th and claims to provide 100% of DEX-generated revenue to ARBI holders. DEX claiming hit $ 1,000,000 According to DeFiLlama, they achieved a total value lock (TVL) within 30 minutes of launching their platform, managing a total of $4.4 million in TVL. data.

Additionally, ArbiSwap was facilitating yield farming and staking services with over 1000% APY on ETH and Bitcoin pairs.

The developers behind the platform are anonymous and it is unclear if legal action will be taken after the lag pull. Due to the nature of the crypto industry, such scams have been common throughout its history.

People continue to be fooled by marketing schemes that advertise services that offer too good a profit. A significant lack of education and awareness about cryptocurrencies means that they are fertile ground for scammers.