Chibi Finance Rug Pull

Chibi Finance is a yield optimizing service platform, where users who store tokens will get returns. According to PeckShield, around 555 ETH or around US$1 million worth have been withdrawn from the platform's liquidity pool. This news spread widely on today June 27. 2023.

How it Works: Rug Pull Chibi Finance
Users deposit CHIBI tokens to stake on the liquidity pool platform that resides on the Arbitrum network on the Ethereum layer 2 Blockchain, then Chibi Finance withdraws Chibi tokens and exchanges them into Ethereum. Furthermore, Ethereum was moved from the Arbitrum network to the Ethereum main network via Tornadocash.eth.link so that it would be difficult to trace because it could hide transaction traces. As a result of the rug pull, the Chibi token price has fallen by almost 99%. Currently Chibi Finance is inaccessible and has been removed from circulation.

This discussion aims to remind RIF members not to get caught up in fraud and rugpull, because I was also caught staking Tron on ExpressCrypto micropayment even though it was only $50. Also many experts say more than 95% of the tokens on Uniswap are scam and rugpull. So be careful when investing.

Another rugpull, I'm no longer surprised by anything, people sometimes do not know the risk they are running when entering these new and uncertain protocols, it is better to invest in those consolidated protocols and with a serious team behind, thanks for sharing.