Ordinals Finance withdrew from the scam project, resulting in a loss of $1 million
On April 25th, according to CertiK monitoring, Ordinals Finance has been confirmed to have withdrawn from the scam project, resulting in a loss of $1 million. The deployer extracts
On April 25th, according to CertiK monitoring, Ordinals Finance has been confirmed to have withdrawn from the scam project, resulting in a loss of $1 million. The deployer extracts OFI tokens from the OEBStacking contract, exchanges them with ETH, and transfers them to the EOA address (0x34e… 25cCF), which in turn transfers 550 ETHs (approximately $1 million) to Tornado Cash. At present, all social media accounts and websites for this project have been deleted. ETH address: 0x419E35E3515c2fDB652C898bF7A0B21FB20497dC.
Ordinals Finance withdrew from the scam project, resulting in a loss of $1 million
I. Introduction
A. Background Information
B. Overview of the Ordinals Finance Scam
II. Ordinals Finance: What Happened?
A. Confirmation of Withdrawal from Scam Project
B. Extraction of OFI Tokens from OEBStacking Contract
C. Exchange of Tokens with ETH and Transfer to EOA Address
D. Transfer of ETHs to Tornado Cash
E. Deletion of Social Media Accounts and Websites
III. Impact of the Ordinals Finance Scam
A. Financial Losses
B. Trust Issues and Reputation Damage
C. Lessons Learned
IV. Conclusion
A. Summary of the Ordinals Finance Scam
B. Recommendations for Preventing Future Scams
C. Final Thoughts
# The Ordinals Finance Scam: What You Need to Know
On April 25th, 2021, investors in Ordinals Finance woke up to devastating news: the project had been confirmed to be a scam. According to CertiK monitoring, the deployer had extracted OFI tokens from the OEBStacking contract, exchanged them with ETH, and transferred them to an EOA address (0x34e… 25cCF). This EOA address then transferred 550 ETHs (approximately $1 million) to Tornado Cash, leaving investors with nothing.
The Ordinals Finance project had promised investors financial gains through yield farming and staking. However, all social media accounts and websites for the project have now been deleted, leaving investors stranded and confused about what to do next.
Ordinals Finance: What Happened?
The Ordinals Finance scam has been one of the latest to hit the DeFi industry. The project promised investors high returns through yield farming and staking incentives. However, the team behind the project had other intentions when they decided to exit scam.
CertiK monitoring has confirmed that the deployer extracted OFI tokens from the OEBStacking contract and exchanged them with ETH. This was followed by a transfer of the ETHs to an EOA address (0x34e… 25cCF), which then transferred 550 ETHs to Tornado Cash. This resulted in a loss of $1 million for investors.
Furthermore, all social media accounts and websites for the project have been deleted, leaving investors with no way to reach out to the team or get answers about their investments.
Impact of the Ordinals Finance Scam
The financial impact of the Ordinals Finance scam has been severe, with investors losing a total of $1 million. This has caused trust issues within the DeFi community and has resulted in reputational damage for the project.
Moreover, investors are feeling the emotional impact of the scam. They had invested their time, money, and trust into the project, only to be betrayed by the team behind Ordinals Finance.
There are valuable lessons to learn from scams like Ordinals Finance. One of which is to always do thorough research and due diligence before investing in any project. Investors should also be wary of get-rich-quick schemes that promise exorbitant returns.
Conclusion
The Ordinals Finance scam has been a sobering reminder of the risks involved in investing in the DeFi space. The scam has left investors with a significant financial loss and has caused reputational damage within the DeFi community.
To prevent future scams, investors should be vigilant and do their due diligence before investing in any project. Always ensure that the project has a competent team, a well-defined roadmap, and a strong community behind it.
In conclusion, the Ordinals Finance scam has been a costly lesson but one that DeFi investors must learn from.
FAQs
1. Can I recover my funds if I invested in Ordinals Finance?
Unfortunately, there is little recourse for investors who have lost their funds in scams like Ordinals Finance. It is essential to conduct thorough research before investing in any project.
2. How can I protect myself from future scams?
To protect yourself from future scams, always do your due diligence and research the team behind the project thoroughly. Additionally, be wary of get-rich-quick schemes that offer exorbitant returns.
3. What are the long-term impacts of scams like Ordinals Finance on the DeFi industry?
Scams like Ordinals Finance damage the reputation of the DeFi industry and cause trust issues among investors. It is essential to prevent and prosecute these scams to maintain the integrity of the DeFi space.
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