What happened
On March 23, 2023, the team behind the Arbitrum (fake) token executed a rug pull, resulting in a loss of funds worth $59k USD.
The attack on the Arbitrum (fake) token involved the token contract deployer manipulating the liquidity pool by removing liquidity from the pair contract and selling a large quantity of tokens on the market. This resulted in a rapid drop in the token's price by approximately 90%. The deployer took advantage of their ability to manipulate the liquidity pool and market to execute a rug pull, effectively stealing funds from investors.
The exploit highlights the importance of careful token contract design and the need for investors to perform due diligence before investing in new projects.
Protocol details
Evidence
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