Swaprum, a decentralized exchange (DEX) operating on the Arbitrum Network, has allegedly executed a rug pull on its users, resulting in the disappearance of approximately $3 million worth of customer deposits.
This incident has sent shockwaves through the crypto community, highlighting the risks associated with investing in decentralized platforms. As a result, the value of Swaprum’s native token, $SAPR, has plummeted by 100%, leaving investors reeling from substantial financial losses.
On May 20, 2023, Swaprum users woke up to discover that their funds had vanished, and the DEX’s development team had disappeared without a trace. This act, commonly referred to as a rug pull or exit scam, occurs when a project attracts a significant amount of investment or user deposits before abruptly ceasing operations and absconding with the funds.
Swaprum had enticed users with low swapping fees, enticing farming rewards, and the promise of earning up to 100%. However, it now appears that these offerings were a part of an elaborate scheme to lure in unsuspecting investors.