Recently, a project in the DeFi ecosystem on Bitcoin called Ordinals Finance (OFI) has been identified as a rug pull, resulting in a loss of at least $1 million. According to blockchain security firm CertiK, Ordinals Finance withdrew 256 million OFI tokens from the staking contract and swapped them for ETH, which was quickly sent to the Tornado Cash mixer to erase any trace of the transaction.
#CertiKSkynetAlert 🚨
We can confirm that the @ordinalsfinance exit scam has resulted in a loss of $1 million.
All social media accounts have been deleted as well as the project’s website.
Funds have been consolidated into EOA 0x34e…25cCFhttps://t.co/0Pwlt3yibm https://t.co/RA7vSjNajI
— CertiK Alert (@CertiKAlert) April 24, 2023
The project’s Twitter account and website have been deleted, along with all other social media accounts associated with Ordinals Finance.
The price of the OFI token has also plummeted nearly 100% since the founders “dumped” their holdings.
Ordinals Finance gained attention in late February when the community began to take notice of Bitcoin NFTs. The project promised to contribute to the development of the DeFi ecosystem on Bitcoin. However, it seems that all of these promises were nothing but empty words.
This is not the first time a DeFi project has resulted in a rug pull, and it likely won’t be the last. Investors must be vigilant and do their due diligence before investing in any project, especially those promising quick profits.
While the DeFi ecosystem holds much potential for innovation and growth, the risks associated with investing in untested projects cannot be ignored. It is essential to invest wisely and avoid projects with suspicious or unverified claims.
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