<![CDATA[Investors lost $600,000 to what has been called Blur Finance's fraud]]>

<![CDATA[Investors lost $600,000 to what has been called Blur Finance's fraud]]> https://usagag.com/2022/08/10/investors-lost-600000-to-what-has-been-called-blur-finances-fraud/ Wed, 10 Aug 2022 15:10:00 +0000 hourly 1 https://usagag.com Investors lost $600,000 to what has been called Blur Finance's fraud 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/phmi0OPIbp https://t.co/qk5c0UF6fY
The social media channel deleted and ～$600k were taken on polygon and BNBChain.
Thanks @Adam0658 for the intel. pic.twitter.com/e1oHDKkDVa
— PeckShieldAlert (@PeckShieldAlert) August 10, 2022

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.