The people working on the ETHTrustFund project on the Base network pulled a trick, which cost Ethereum more than $2 million. The project’s funds were suddenly moved to a different wallet. Crypto influencer Octoshi first pointed out the scam by showing strange transfers and a lack of activity on the project.
Octoshi said that the project’s creator, who goes by the name “Peng,” hasn’t replied to messages for three months, even though the project has raised more than $2 million. The ETHTrustFund website and social media pages are no longer online.
ETHTrustFund Faces $2M Rug Pull
ETHTrustFund, an OHM fork, got a lot of funding at first by using interest in the Base network to its advantage. The project’s paperwork, on the other hand, is still the only thing that shows it existed.
The rug pull was confirmed by blockchain security company PeckShield, which also said that the stolen funds have been cleaned up. The money was sent from Base to Ethereum, and then it went through Tornado Cash and Railgun, two privacy sites.
According to Etherscan records, the developer stole 607 ETH, which is about $2.1 million. There are detailed logs that show 200 ETH was sent to Railgun, 200 ETH was sent to Tornado Cash twice, and 56.9 ETH was sent back to Railgun.
Recently, there have been a number of “rug pulls” on the Base network. One of these involved Magnet Finance and cost $6.4 million. Solana has also had problems like these. In April, the URF and CONDOM meme coin projects were both hacked.
