Cardinal DeFi Rug Pulled, Around $50K worth of Juno Stolen

Key Takeaway:

  • Founders of Cardinal Finance ran away with 1200 $JUNO, which is around $50K, this project is worthless now, and their official website has stopped working.

Rug Pull is a Scam where developers abandon a project and take their investors’ money.

Many of us expected an airdrop from Cardinal Finance, but the project has already been rug pulled out. A large number of their token, PRIMO, was sold in a public presale, which means they’ve already made their way onto JunoSwap and into liquidity pools. In less than 24 hours from listing, the pool’s liquidity was drained by the main creator wallet, which got away with around 1200 JUNO. Here is the creator wallet which has sent the Outbound of ~1400 JUNO to this wallet. Here is the Outbound send of 240 JUNO to random address. Here is the link of DAO Contract which is used in these transactions. Meanwhile, the Price of PRIMO dropped from over $20 to around 20 cents. Reddit User damnusernamegotcutof was the first to break this news.

Here are some other red flags identified by the Twitter user NixiCrypto.

Nixi Crypto
Nixi Crypto

Some people are still confused about what will happen to their tokens now. Below are the chat screenshots between NixiCrypto and Juno Core Team Member.

Nixi Crypto 2
Nixi Crypto 2

Nixi Crypto 3
Nixi Crypto 3

The team is no longer active on social media. Even they have not posted anything from the last four days from the official Twitter account. Both admins on the discord have left the server. We want to alert our readers or anyone thinking of connecting their wallet to claim this airdrop. Meanwhile, someone has created Github pull Request to remove PRIMO listing from the Cosmos.

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Yash Kamal Chaturvedi

Btech Computer Science, Maharshi Dayanand University, Rohtak (2023)