Key Takeaways
- Swello Finance has seen a sharp price drop of more than 100% on June 26th, 2022.
- The developer hired from Upwork stole funds worth around 210k.
Below is a quick overview of this project.
Swello Finance has described itself as an advanced Auto Staking Protocol within the DeFi space. It claims that it offers the Highest APY in the market at 146,848% (2.0716% per day) while maintaining the lowest taxes in the industry, plus rewarding investors quicker than any other defi protocol, i.e., every 15 minutes.
Here is the contract address:
https://bscscan.com/address/0xdd6c57f8403aef4bd9282c81c0d1887222e86710
The project’s official website has stopped working. According to the information provided by Swello Team, their Developer has rug-pulled the project. So, when the development of Swello was started on April 26th, 2022. The team hired a developer from Upwork to complete the project. Below is the screenshot shared by Swello Team.
After interviewing the Developer, he told them that he has worked on GaryVee’s VeeFriend NFT project and many other notable projects. Then on June 25th, 2022, Kevin Cohen transferred Swello tokens to the wallet, i.e., an intermediary contract that Swello team members did not know about. Here is the link to the wallet address:
https://bscscan.com/address/0x4aa97b495e5602147b5bc625fb85aac6a83d5e6f.
Then, He swapped those tokens with the account called pullForBNB. Here is the link to the address of the 2nd account:
https://bscscan.com/address/0x70d4a89b2085b8cc73dcc868fabbeb19f4e13100.
After investigating with Upwork, “Kevin Cohen” was a fake name and was booted off their platform shortly after the team hired him. Here’s what the team knows about the Developer:
- The Dev’s Discord Username is: fullstack124#9237
- The Dev’s Email he used is: [email protected]
- The Dev’s IP address is: 54.89.241.91
The team has told everyone that if someone has any information regarding it, they can contact the team directly on Twitter.
Here are some other Rug-Pull Scams our readers should know about:
