Arbitrum-based decentralized exchange (DEX) Swaprum has allegedly conducted a rug-pull on its users, with $3 million worth of customer deposits being swiped from the platform.

A rug pull or exit scam occurs when a seemingly legitimate project gathers investment or user deposits before promptly shutting everything down, pulling the capital and vanishing — if they adequately cover their tracks.

According to May 19 tweet from the alerts-focused account of blockchain security firm PeckShield, the bad actors swiped 1,628 Ether- ETH worth roughly $2.95 million at current prices — from Swaprum’s liquidity pools, bridged it to Ethereum and “laundered” almost all of the funds through crypto mixer Tornado Cash.

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Recent crypto news indicates that a decentralized exchange on Arbitrum, named Swaprum, has exit scammed nearly $3 million in user deposits.#crypto2023 #arbitrum #swaprum