OrdiZK Bridge pulls the rug for $1.4M and loses: CertiK
According to blockchain security platform CertiK, OrdiZK (OZK), the group behind the Chain Bridge protocol, allegedly committed an exit scam, withdrawing $1.4 million worth of cryptocurrency from investors.
Certic reports that on March 4, the protocol's distributor account deposited 489 million OZK tokens on the decentralized exchange, receiving $132,000 in return. This sale caused the token price to drop by 98%. He then sold another approximately $214,000 worth of OZK on March 5, causing a further slide of 99%.
Blockchain data confirms that on March 4, an OZK deployer called the “execute” function on the Uniswap Universal Router contract, converting 489 million OZK at 35.65 Ether (ETH). On March 5, an additional 121 million OZK were exchanged through the execution function, resulting in another 0.93 ETH being transferred from Uniswap's OZK/ETH liquidity pool to the deployment account.
The deployer withdrew 57.68 ETH (roughly $197,000 at today's prices) from the OZKStake contract, calling it an “emergency exit”. According to Sertic, the project has $263,000 in the “marketing purse” and $174,000 in the “treasury purse.” This means that the project had more than $1.4 million between the three wallets before it launched its withdrawal scam.
The project X account has been deleted along with the Telegram group and documents.
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