Infinity Token Rugged More than 1,390 WBNB

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Key Takeaways:

  • PeckShield informed people that they had detected that InfinityToken has been rugged with more than 1,390 WBNB.
  • They took out all the locked funds through TornadoCash.

This morning PeckShield informed people that they had detected that
$InfinityToken has been rugged with more than 1,390 WBNB. The owner address is 0xf05a8Cc47872B5C1De23bd2023C59cCdcDF90960. They took out all the locked funds through TornadoCash. The contract address is 0x52E4339B4b9fF254738D6E971E83440F60DC029c.

Contact Address
Contact Address

Here a smart contract has been used because it has a backdoor for the creator to sell off all the locked funds. Smart contracts are blockchain-based programmes that execute automatically when predetermined conditions are met in accordance with the terms of a contract or agreement. They enable anonymous parties to carry out trusted transactions and agreements without a central authority.

In the cryptocurrency industry, a rug pull is a malicious movement in which crypto developers abandon a project and flee with investors’ funds. Rug pulls standard in the decentralised finance (DeFi) ecosystem, particularly on decentralised exchanges (DEXs), where malicious individuals create a token, list it on a DEX, and pair it with a popular cryptocurrency as Ethereum.

Recently, we saw a lot of rug pull cases like Solfire Finance was rugged and more than $10 Million was lost, 7 IDO Protocols were also rugged, and more than 5,744 WBNB was lost can see many more cases of rug pull.

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Chaahat Girdhar

I'm Chaahat Girdhar, a journalist by profession who's turning her dreams into vision and vision into reality. I'm curious and have an appetite for gaining new knowledge. So I'm looking forward to learning things in the better way possible.

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