The developers of Chibi Finance, who built a DeFi platform in the Arbitrum ecosystem, performed Rug Pull. A loss of $1 million is reported, with the project team unreachable.
It is charged with the Chibi Finance Rug Pull, a DeFi project at Arbitrum. According to the data, the developers of the recently launched platform stole 555 Ethereum (ETH). It seems that the team behind Chibi Finance is converting users’ staked tokens into ETH. Blockchain security firm PeckShield reported that client funds were diverted from the Arbitrum network to Ethereum.
PeckShield, which monitors on-chain data, announced that Tornado Cash is used to prevent the transaction from being tracked. With the Rug Pull accusation almost certain, the Chibi Finance team has gone missing. Project referred to as fraud twitter and Telegram accounts, as well as the website chibi.finance, are no longer accessible.