Arbitrum-based Chibi Finance rug pulled its users for roughly $1 million on June 27 via a malicious contract, according to blockchain security firm CertiK.
The project’s native token — CHIBI — has crashed almost 99% in value as of press time. This is the 12th Arbitrum project to scam its users in the last six months.
Chibi Finance deleted its Twitter account and other web presence following the rug pull. The scammer stole 256,012.95 USDC, 94.67 WETH, 4.25520843 WBTC, 115,049 USDT, and 89,563.95 ARB in total.
The scammer swapped the stolen funds to roughly 555 ETH and subsequently bridged them to Ethereum.
All of the stolen funds have been moved to the Tornado Cash mixer as of press time.
The exploit
According to CertiK, the Chibi Finance deployer initiated the exploit by creating a malicious contract through “EOA 0x80c1ca8f002744a3b22ac5ba6ffc4dc0deda58e3” — which was initially funded via a 10 ETH withdrawal on Tornado Cash.
The Chibi deployer then gave the malicious contra
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