Ordinals Finance steals $1m from users, OFI token crashes 95%

By Investor Empires On Apr 25, 2023

Ordinals Finance, a platform on Ethereum that allowed users to trade Bitcoin Ordinals vouchers, deleted their Twitter and Telegram handles and charged users $1 million, according to CertiK, a blockchain security firm.

In a tweet late April 24, Sirtic said the unknown team is behind it Funding arrangement He withdrew nearly $1 million from OFI, the platform’s native token, after activating two smart contract deployment functions, causing losses to OFI holders and forcing the token’s price to drop by more than 95%.

An analysis of the rug pull reveals that the team pulled 269 million OFIs through two separate functions, ‘safuToken’ and ‘ownerRewithdraw’.

Most of the funds, 256 million OFI, were withdrawn from the “SafuToken” function in separate transactions and sent to a different Ethereum address.

From this address, the OFI is sent to Tornado Cash, a token shuffler. The goal was to obfuscate transactions and prevent users from tracking the final receiving address. The US Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the Tornado Cash Act.

The remainder, 13 million OFI, was withdrawn through “ownerRewithdraw”, which allowed the publisher to transfer all trapped OFI.

By the time Ordinals Finance users were fussy, there were 1,287 tokens. pregnantAccording to CertiK. Meanwhile, DappRadar data shows that there He was 797 Unique Active Wallets (UAW) linked to the platform in the last month.

(embed) https://www.youtube.com/watch?v=xwEt2hgpMO8 (/embed)

CoinMarketCap statistics On April 24, it showed that the OFI price fell by 95% to $0.000112. At the peak, OFI was trading at $0.006234 and has been under pressure since mid-April.

While Ordinals Finance allows for the lending and borrowing of vouchers, it is not officially associated with Bitcoin Ordinals.

Bitcoin Ordinals allow the minting of “non-fungible (NFT)” assets that are not affected by this exit scam.

Ultimately, Ordinals Finance plans to take advantage of the Bitcoin network. However, before that, they launched OFI, their native token, on Ethereum.