The most recent news to rock the cryptocurrency community claimed that Ordinals Finance was nothing more than a scam project that cost investors $1 million.
The DeFi protocol used by Ordinals Finance, which claimed to be based on Ethereum (ETH), supported lending and borrowing inscriptions. However, it abruptly exited the market on April 24, 2023, using the “safuToken” and “ownerRewithdraw” functions, leaving its investors high and dry.
According to the data, the deployer withdrew OFI tokens from the OEBStaking contract, exchanged them for ETH, and transferred them to the EOA address (0x34e…25cCF), ultimately funneling away 550 ETH, which amounts to approximately $1 million.
Investors had no recourse after the transfer because the initiators removed all social media accounts and the project website.
Additionally, data from Certik’s website reveals that at the time of the rug pull, the token had at least 1,287 holders, indicating that the scam has harmed a sizable number of investors.
The current OFI price, according to CoinMarketCap, is $0.00009102, which indicates a drop of 96% in the token’s value. The rug pull further emphasizes the devastating effects that a scam project can have on its investors.
Scam projects are becoming increasingly common in the crypto market due to the rapid growth of cryptocurrency and decentralized finance (DeFi). Investors must remain vigilant and exercise caution before investing their money into any project.
At Ordinals Finance, we strive to educate and inform our members about the latest scams, possible pump-and-dump schemes, and rug pulls, in order to empower them to avoid falling victim to these malicious actors.
Compiled by Coinbold