Ordinals Finance (OFI), a decentralized finance (DeFi) platform, has become the latest victim of a multi-million dollar rug pull, as scammers made off with over $1 million worth of Ethereum (ETH) from the project’s liquidity pool.
The heist was executed through a series of transactions over the past few weeks, culminating in a massive sell-off of the platform’s native token, Ordinals Finance, for ETH.
Ordinals Finance’s deployer address received around 25 ETH from OKX, a leading cryptocurrency exchange, about 65 days ago, and subsequently added 10 ETH worth of liquidity to the platform’s pool.
However, within the last 11 hours, the deployer withdrew OFI tokens from the Ordinals Finance staking contract and swapped them for approximately 85.5 ETH, causing a sharp drop in the token’s price.
The related address ofitreasury.eth, which appears to be controlled by the same entity as the deployer, has also been removing liquidity from the platform since March 2nd, withdrawing a total of 72.4 ETH.
Blockchain security firm CertiK Alert has reported that the scammers behind the recent Ordinals Finance rug pull are actively moving the laundered money through Tornado Cash, a fully decentralized protocol for private transactions on Ethereum.
The recent hack on Ordinals Finance has had a significant impact on the value of its native token, OFI. Within the past 24 hours, OFI has experienced a massive decline in its market price, dropping by 95.40%. As of writing, OFI is trading at $0.0000997, which is a considerable drop from its previous value.
