The cryptocurrency market is no stranger to scams and fraudulent activities. Unfortunately, Swaprum, an Arbitrum ecological project, has recently become the victim of a significant scam known as a RugPull. This malicious act has resulted in a devastating loss of approximately $3 million for investors, while the value of Swaprum tokens has sharply declined, almost reaching zero.
The RugPull, a term used to describe a sudden and deliberate act of draining liquidity from a project, has left investors in a state of shock and disappointment. The perpetrators of the scam manipulated the project in such a way that they were able to abscond with a substantial amount of funds, leaving investors empty-handed. This incident serves as a painful reminder of the risks associated with investing in the crypto space and highlights the need for increased security measures and vigilance.
PeckShield, a respected blockchain security firm, has been actively monitoring fraudulent activities in the crypto world. In this case, they discovered that the scammers behind the Swaprum RugPull had transferred 1,620 ETH into Tornado Cash. Tornado Cash is a privacy-oriented platform that allows users to mix their cryptocurrency holdings, making it difficult to trace the funds.
CertiK, a leading blockchain security firm, has taken the initiative to conduct a thorough audit of the Swaprum protocol