A reverse pharma protocol based on BSC Arbix Finance has been identified by chain security firm Certik as a blanket.

According to the analysis of accidents carried out by the company, the project was noted for several reasons. The security company cites that the ARBX contract contains a mint () only with an owner function, 10 million ARBX tokens are minted at 8 addresses, and 4.5 million ARBX tokens are minted at a single address. Certik subsequently confirmed that 4.5 million tokens were subsequently flooded.

The company also said that the $ 10 million funds deposited by users were channeled into unverified pools, and the hacker ultimately pulled all the assets out of the pools.

Using Skytrace’s fraud risk analysis platform, the company determined that the hacker had exchanged funds for Ethereum through the AnySwap USDT decentralized exchange.

The term rye cap is used to refer to incidents in which developers abandon projects entirely after receiving a significant amount of investment in their fake cryptographic or decentralized financial projects. This type of scam is widespread in the crypto industry and accounts for more than $ 7.7 billion of cryptocurrency lost by fraud victims worldwide.

The Chainanalysis report noted that carpet flooring contributed significantly to the increase in funds lost to cryptocurrency fraud in 2021. The report notes that “37% of all proceeds from cryptocurrency fraud in 2021” came from the rye cap.

Related Topics: How To Identify Carpet In DeFi – 6 Tips From Cointelegraph

In November 2021, investors lost approximately $ 57 million in air on the carpet of AnubisDAO, a fork of OlympusDAO. Investors point out that the exorbitant profits from the popular dog meme coins were one of the reasons they invested in carpet.

Source: CoinTelegraph