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On April 25th, according to CertiK monitoring, Ordinals Finance has been confirmed to have withdrawn from the scam project, resulting in a loss of $1 million.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On April 25th, according to CertiK monitoring, Ordinals Finance has been confirmed to have withdrawn from the scam project, resulting in a loss of $1 million.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. Explanation of Ordinals Finance
B. Explanation of the loss of $1 million
C. Brief overview of the scam project
II. How Ordinals Finance lost $1 million
A. OFI token extraction from OEBStacking contract
B. Exchange of OFI tokens with ETH
C. Transfer of ETH to Tornado Cash
D. The involvement of EOA address (0x34e…25cCF)
III. The aftermath of the scam project
A. Deletion of social media accounts and websites
B. Overview of similar scams in the market
C. How to stay protected from such scams
IV. Conclusion
A. Recap of the article
B. Final thoughts
Heading: Ordinals Finance Looses $1 Million to Scam Project
On April 25th, CertiK monitoring has confirmed that Ordinals Finance has withdrawn from a scam project, which resulted in the loss of $1 million. Ordinals Finance is a popular DeFi project that was launched to provide a yield farming platform for cryptocurrency investors. However, the project suffered a significant loss due to a fraudulent activity, which has brought the reputation of the project into question.
The scam started with the extraction of OFI tokens from the OEBStacking contract. It was then followed by the exchange of these tokens with ETH, which were subsequently transferred to the EOA address (0x34e…25cCF). This address then transferred 550 ETHs, which were worth approximately $1 million, to Tornado Cash. The scam was well planned and executed with precision, causing significant losses to the investors.
After the incident, all the social media accounts and websites related to the scam project were deleted. Ordinals Finance has publicly acknowledged the loss and has shared its concerns regarding the security of the platform. The incident has raised questions about the security of DeFi projects and the need for increased vigilance in the market.
This is not the first time a scam project has caused significant losses in the market. Similar incidents have occurred in the past, bringing attention to the potential risks associated with DeFi projects. Investors should be cautious and remain vigilant to avoid such scams.
In conclusion, despite the high level of security measures adopted by DeFi projects, the risk of scams cannot be entirely eliminated. Investors must conduct adequate research before investing in any DeFi project and remain updated on the latest developments in the market. Let this serve as a warning to all investors out there to be vigilant, question unrealistic promises, and remain informed to protect your investment.
FAQs:
1. What is Ordinals Finance?
– Ordinals Finance is a DeFi project that operates a yield farming platform for cryptocurrency investors.
2. What caused the loss of $1 million in Ordinals Finance?
– The loss was caused due to a scam project where the OFI tokens were extracted from the OEBStacking contract and exchanged with ETH. The ETH was then transferred to Tornado Cash.
3. How can investors protect themselves from similar scams in the market?
– Investors should conduct thorough research before investing in any DeFi project, question unrealistic promises and promises of high returns, and remain updated on the latest market developments.
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