DEX Swaprum developers may have committed a $3 million exit scam

The developers of the Swaprum decentralized exchange based on the Arbitrum L2 network allegedly escaped with about $ 3 million in cryptocurrency, PeckShield discovered.

#PeckShieldAler #rugpull @Swaprum on #Arbitrum rugged ~$3M, $SAPR has dropped -100%. @Swaprum already deleted its social accounts/groups.
The scammers have bridged ~1,628 $ETH to #Ethereum and laundered 1,620 $ETH to Tornado Cashhttps://t.co/tUNgbwGQCd pic.twitter.com/UH8V9RyFHy

— PeckShieldAlert (@PeckShieldAlert) May 19, 2023

The team withdrew all liquidity in ETH from the pools and sold their own SAPR project tokens for ether. The price of the asset has fallen to zero.

Exchange accounts on Twitter, Telegram and GitHub have been removed.

The actions of the Swaprum developers correspond to the classic exit scam scheme, which is usually called in the DeFi sector rug pull.

They transferred assets in the amount of 1628 ETH to the main Ethereum network and laundered through the Tornado Cash mixer.

Beosin experts discovered a backdoor in the platform code. The function inserted into the standard contract for rewarding liquidity providers allowed withdrawing all funds from the pool to the specified address.

Swaprum on Arbitrum rugged for ~$3M.

The deployer of Swaprum used the add() backdoor function to steal LP tokens staked by users, then removed liquidity from the pool for profit.

one tx:https://t.co/qRXLhrAIqp pic.twitter.com/xf7vrciajN

— BeosinAlert (@BeosinAlert) May 19, 2023

Note that in April alone, cryptocurrency projects lost $103.7 million as a result of exploits, hacks and fraud, according to CertiK. Since the beginning of the year, the loss has already amounted to $429.7 million.