Anyone Have Arbix Finance (ARBX)? CertiK Warn It's Coin Rug Pull

Blockchain security firm CertiK identifies ARBX as a rug pull coin (CertiK)

JAKARTA – Binance Smart Chain-based farming protocol Arbix Finance (ARBX) has been identified by blockchain security firm CertiK as a rug pull coin. Based on the analysis conducted by CertiK, there are a number of reasons why Arbix Finance projects should be flagged.

“The ARBX contract has mint() with the onlyOwner function, 10 million ARBX tokens are minted to 8 addresses, and 4.5 million ARBX is minted to a single address. After this, CertiK confirmed that 4.5 million tokens that were minted were then discarded,” wrote CertiK.

Cointelegraph reports that the blockchain security firm also reported that there were 10 million US dollars in funds deposited by users aimed at an unverified group, and eventually, a hacker drained all assets from the pool.

CertiK uses tools on the Skytrace platform to analyze the risk of scamming or fraud. The security firm was able to detect hackers who transferred funds to Ethereum via the decentralized exchange (DEX) AnySwap USDT.

For information, the term rug pull is used to define an event where a developer leaves a project after making a large amount of investment in a fake crypto or their DeFi project. Such scams are common in the crypto space and record more than US$7.7 billion of victims' crypto funds have been lost on a global scale as a result of the scams.

Chainalysis reports that rug pulls played a major role in the increase in money lost through crypto fraud throughout 2021. The report notes that 37 percent of all crypto scams that occurred in the last year were from rug pulls.

A few months ago, when the Squid Game series exploded, Squid Game tokens suddenly appeared and experienced an astonishing increase. However, as more and more traders buy the token, the chart of the coin's price movement suddenly appears in the form of a red bar. The price of the Squid Game token also dropped to zero. Another case, in November 2021, investors lost USD 57 million in Ethereum (ETH) due to AnubisDAO's rug pull.