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Arbitrum DEX ArbiSwap Rug Pulls Users for Over $100K
Summary: Crypto users should be cautious when investing in newly-launched decentralized finance (DeFi) applications like ArbiSwap, which recently rug-pulled users for over $100K.
The platform's native ARBI tokens fell from null.5 to a fraction of a cent after developers minted 1 billion fake tokens and swapped them for nearly 69 ether (ETH) via the project's liquidity pools. Users should research DeFi applications thoroughly before investing and be wary of promises of high returns and revenue-sharing schemes.
Rug-pulls are a common scam in the DeFi space, where developers launch a working application, issue a token, and then disappear (remove the liquidity) after a lot of investors have purchased the tokens.
