‘Rug Pull’ case in Floki Inu: So much dollars worth of ETH stolen

Floki Inu, a coin inspired by Elon Musk’s tweet, was stolen with a “rug pull” of $ 749 thousand in Ethereum, making it the last project among DeFi projects to experience a large loss of funds. The developers’ conversations before they stole the funds fell on social media.

Tesla CEO Elon Musk continues to negatively affect the crypto money industry, albeit indirectly, with his tweets. After Musk tweeted “My Shiba Inu will be named Floki a few weeks ago”; Tokens such as Floki Inu, Floki Shiba, Baby Floki Inu and FlokiEverToken were launched. Floki Inu, one of these tokens, had a 3500 percent increase in a short time.

Discussions started with the problems

However, with the emergence and interest of the token, some problems arose on the developer side. The project’s Medium account included the following statements about these issues:

“In stark contrast to Robin Hood, the project developer charged 20 percent tax on transactions from token holders and pulled funds into his own wallet. The supply was also increasing rapidly.”

Following this statement, a statement was also made on the project’s Twitter account and it was stated that the problems were fixed:

“This is what you need to know. Transparency in reports and Swap details… The former developer was a dreamer and now GONE. We renew everything that is faulty. You don’t have to worry about anything”

New contract created, funds withdrawn

After these discussions, the team created a new Ethereum contract called Floki Inu v2. Just as the Hodlers were moving their tokens here, the robbery took place, the funds were withdrawn. 236 Ethereum worth approximately $749k was siphoned from the liquidity pool of the project. Only $800, 0.25 ETH is left in the pool.

Withdrawn funds were sent to “Tornado Cash”, an Ethereum mixing service, keeping confidentiality and tracking impossible.

Floki Inu developers before ‘Rug Pull’ Case: “We’ll just pretend it’s working”

After the ”Rug Pull” case Some of the conversations of the Floki Inu developers, whose screenshots were taken, fell on social media . Two people named “Uniswap Detective” and “Marvin” made the following statements in the conversations where they planned how to defraud people before withdrawing the funds:

“Marvin: We’re just going to pretend we’re working. Petabyte will make a crappy web page and explain it. B will share the V2 startup. So everything will look legit on Twitter. We will show that we are dealing with audits, marketing, etc. This is free cash for us, we’ll take the idiots’ money. If we are in a bear market, there is no need to be more of an influencer.

Uniswap Detective: Yes, it will be very easy. Haha idiots! If these people feel good, they think everything is legal. It will be a little stressful. We don’t have much time.

Marvin: Once you have the funds, send them to tornado cash. Then we will allocate funds. Don’t let anyone else come.”

SEE ALSO; London hard fork on Ethereum expected on August 4

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