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Blur Finance engineers allegedly stole $600,000 in BLR from Polygon and BNB Chain, causing the token's value to drop by more than 90%.
Blur Finance, a yield aggregator company, apparently had its rug pulled, with over $600,000 in tokens removed in minutes.
On August 10, security firm PeckShield announced that Blur Finance engineers had stolen over $600,000 from their Polygon and BNB Chain contracts.
#PeckShieldAlert #rugpull Seems Blur Finance $BLR rugged. $BLR has dropped -99%. https://t.co/phmi0OPIbphttps://t.co/qk5c0UF6fY
— PeckShieldAlert (@PeckShieldAlert) August 10, 2022
The social media channel deleted and ～$600k were taken on polygon and BNBChain.
Thanks @Adam0658 for the intel. pic.twitter.com/e1oHDKkDVa
As of press time, the BLR token was trading at $0.00064, down 99% from its 24-hour high of $0.06.
Blur Finance debuted on BNB Chain on July 7 and had 733 holders until the rug was pulled. All of its social media outlets have been deactivated for the time being.
The same concept was used for recent rug pulls.
PeckShield reported an alleged rug grab of over $1 million by Dragoma developers two days ago. The polygon deal apparently lost $420,000 USDT and 880,000 MATIC.
Similarly, Teddy Doge creators made $4.5 million in a soft rug pull on July 25. According to the report, 30 billion TEDDY tokens were exchanged for BNB and BUSD before being paid out via the Binance market.
The project creators would promote vigorously and give large return guarantees in each occurrence of the rug pull. Those that bite the bait are frequently faced with unanticipated losses.
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