The platform's native token, expectely, dumped by over 99% in hours.
the liquidity provided for SAPR, the platform’s native token, on the exchange and sold the assets for ETH. The funds were subsequently transferred from Arbitrum to Ethereum and then moved to cryptocurrency mixer Tornado Cash.that the deployer of the Swaprum smart contract added a backdoor function to enable the theft of liquidity pool tokens staked by users. The deployer used the add function to drain the pool for their profit.
“The backdoor function add will transfer LP tokens from the contract to the _devadd address. By querying the _devadd address, it will return the ‘Swaprum:Deployer’ address. The Swaprum: Deployer uses the stolen LP tokens in the previous step to remove liquidity,” the security platform stated.As a result of the rugpull, SAPR lost almost all of its value. At writing time, the token was trading at $0.
In addition, the social media accounts of Swaprum on Twitter, GitHub, and Telegram have been deleted. Only the platform’s website was active at press time. Meanwhile, Swaprum’s rugpull is one of the largest exit scams on the Arbitrum network. The incident has overthrown that of DeFi protocol , which suffered a $2 million exploit in February after a Nigerian hacker allegedly deployed a fake router on the platform.
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