The Ethereum TrustFund DAO, a decentralized autonomous organization (DAO) operating on the Base network, has been said to have engaged in a $2 million rug pull, which is a premeditated exit scam.
On July 20, 2024, the project relocated all of its financial resources to a new wallet. The transfer was executed using mixer software such as Tornado Cash and Railgun.
ETHTrustFund, inspired by successful initiatives like Olympus and Wonderland, first enticed investors with its distinctive rebase process, which sought to devalue its tokens to enhance the worth of the remaining supply.
Nevertheless, the project’s course drastically changed when the main developer, Peng, stopped interacting with the community in April. Octoshi announced that the project had transferred more than $2 million from its financial reserves to a new wallet and was depleting the money through the Railgun Project.
The project’s official Telegram and social media accounts have been eradicated. Octoshi encouraged the community to report the scam on Chainabuse, a platform specifically designed to record and counteract fraudulent activity in the cryptocurrency industry.
This occurrence is part of a sequence of comparable fraudulent activities in the cryptocurrency sector, including the Gemholic Protocol’s $3.5 million exit scam in June and the Ordiz Bridge admin accounts’ $1.4 million fraud in March.
