What happened
ETHTrustFund Rug Pull on July 16th, 2024: Over $2 Million Stolen
On July 16th, 2024, the crypto project ETHTrustFund was exposed as a rug pull when the developer, known as "Peng," transferred over $2 million from the project's treasury to a new wallet. ETHTrustFund, a fork of the $OHM project, had been leveraging the hype surrounding the Base, the ETF, and meme culture to gather funds. After months of inactivity and ignoring communications, "Peng" finally moved all the treasury assets, signaling an exit scam.
The project's website has been taken down, though its documentation is still available online. The funds from the treasury have been observed moving through the RAILGUN privacy project, suggesting an effort to launder the money and hide the transaction trail.
Treasury (multi-sig):
https://basescan.org/address/0xbfdb66a6…b491c8
Funds moved here:
https://basescan.org/address/0x374f4bd3…3059ad
Railgun and Torando deposits:
https://etherscan.io/tx/0x77fd5bba…5944c0
https://etherscan.io/tx/0xfabb1009…0fd0c2
Case & protocol details
Evidence & learning
Sources and on-chain records
- report Report chainabuse.com
- report Report x.com
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