DAO
Cryptocurrency Project ETHTrustFund Accused of Exit Scam
Tuesday. July 23 at 2:00 AM
1 min. readETHTrustFund (ETF), a Base network protocol likened to Olympus or Wonderland, moved $2 million to Tornado Cash and Railgun mixer apps on July 20 before vanishing. Suspected of a 'rug pull,' the project deleted all online presence. Initially reported by crypto investor Octoshi, the treasury transfer was flagged by blockchain security firm PeckShield on July 22. The project, designed as a DAO with rebasing features, issued blockchain bonds and rebased ETF tokens for stakers. Despite a unique debasing plan to boost token value, the project's lead developer abruptly exited in July. This incident adds to the list of crypto rug pulls, with Gemholic and Ordiz bridge scams as recent examples. Such exit scams highlight the risks faced by investors in the crypto space.