DeFi Protocol SeaSwapSui Absconds with $32k in Investor Funds
SeaSwapSui, a Decentralized Finance Platform on the Sui Network, Reportedly Executes a 'Rug Pull' Attack, Stealing Approximately $32,000 from Investors and Abandoning its Social Media Platforms
SeaSwapSui, a decentralized finance (DeFi) protocol on the newly launched Sui network, has reportedly absconded with investor funds and deserted its social media platforms. Blockchain security firm CertiK disclosed that the administrators of SeaSwap initiated an emergency withdrawal of SUI from the project’s token sale contract, pilfering approximately 32,787 SUI, equivalent to around $32,000.
The Sui network, a layer-1 blockchain network utilizing the designated proof-of-stake (dPoS) consensus mechanism, was launched on May 3 by MystenLabs. The Sui project had recently completed its initial coin offering (ICO).
This incident is part of a growing trend of ‘rug pull’ attacks, where rogue web3 project creators have swindled millions of dollars from users. Earlier this year, Harvest Keeper, an AI-based DeFi platform, also executed a rug pull, making off with nearly $1 million in cryptocurrency. Other web3 projects, including SyncDex.Finance, AnubisDAO, Atom Protocol, and MerlinDEX, have also conducted similar attacks recently.
The rise of such incidents underscores the need for increased vigilance and robust security measures in the cryptocurrency and DeFi sectors. Investors are advised to conduct thorough due diligence before participating in any crypto-related ventures.