A rug pull whistleblower has drawn attention to suspicious activities of Arbitrum’s decentralized exchange (DEX), ArbiSwap.
According to RugDocIO, ArbiSwap’s developer swapped the contract to a new address, 0x5e7a. This new address’s contract contains a “recoverToken” function, as shown in the screenshot below.
The function has an accessibility “onlyOwner” that allows only the deployer of the address to recover the tokens sent to the contract.
ArbiSwap Users Withdraw Assets Directly From Contract
The whistleblowers have warned users not to interact with the DEX to avoid sending tokens to this manipulated contract. Further, they asked users to revoke approvals if they interacted with the malicious contract.
The funds of the users who deposited funds to the initial contract of the ArbiSwap are safe. Instead of using the website, they should directly interact with the contract to withdraw funds.
The ArbiSwap developer created the malicious contract roughly 13 hours before press time. Due to the quick action of the security agencies, the maximum number of users might protect their funds.
Got something to say about ArbiSwap or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or Twitter.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
