JUST IN: #ChibiFinance developers stole over $1 million in tokens after the protocol's launch by exploiting a malicious contract, according to CertiK.
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Influencer faces backlash on #Twitter

A #cryptocurrency influencer, "Defi_Mochi", has faced backlash from the community for writing a thread sponsored by #ChibiFinance

The community claims that the influencer received $2,000 in $ETH for promoting the project.

However, the Twitter influencer mentioned that he was writing a sponsored thread on June 20. After the rug pull reports, the influencer deleted his thread.

While community-favorite influencers may promote projects, it is primarily the responsibility of investors to conduct detailed research before investing their funds.

Investors can often make rash decisions and are therefore becoming frequent victims of #RugPulls

#dyor

#ChibiFinance users lose more than $1 million

#Blockchain security firm #PeckShield reported that Chibi Finance stole more than $1 million in cryptocurrencies from users. The developers reportedly performed a #RugPull

Later, the developers used #TornadoCash to funnel the funds. They have also abandoned their social media presence, making it difficult for the community to communicate with and question them.

Incidents where the core project team steals user funds and disables their online presence are called rug pulls.