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.
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.
