Cronos-Primarily based Algorithmic Lending Protocol Rug Pulls $600K From Customers

CroLend, presenting itself as an algorithmic, autonomous lending protocol constructed on high of the Cronos community, has deleted all social media pages, the web site doesn’t work, and its TVL has been drained to $0.

This prompted the group to argue that that is the newest instance of a rug pull within the area.

  • Citing person data, PeckShield took it to Twitter earlier to tell that every one related posts and websites related to CroLend have been erased.
  • These embrace the Twitter account and Medium posts, whereas the web site doesn’t work as of writing these strains.
  • In response to DeFiLlama, the Complete Worth Locked on CroLend Finance has plummeted to $0 after peaking at virtually $600,000 earlier.

#PeckShieldAlert A PeckShield group contributor has reported that @Crolend_io on @cronos_chain appears to be rugpull. @Crolend_io already deleted its social accounts/teams and the web site is down
The stolen funds are sit in

— PeckShieldAlert (@PeckShieldAlert) December 2, 2022

  • Rug pulls are a slightly frequent crimson dot within the cryptocurrency trade. Because the title suggests, it’s principally an occasion by which the group behind the mission siphons all of the funds which were deposited by customers.
  • The variety of such inside exploits has grown exponentially prior to now few years, as beforehand reported.

Source link