Ordinals Finance, an Ethereum-based decentralized finance (DeFi) protocol that allows users to lend and borrow inscriptions, has been accused of performing an exit scam, also known as a “rug pull.” In an April 24 press release seen by Cointelegraph, blockchain security firm CertiK reported that the protocol’s developer pulled 256 million OFI tokens out of its smart contracts using a “safuToken” function. Another 13 million OFI was removed through an “ownerRewithdraw” function, bringing the total number of tokens withdrawn to 269 million, CertiK stated. According to the blockchain security firm, the total loss to investors is $1 million. CoinGecko data shows that the market capitalization for OFI was $2.3 million before the alleged exit, but it fell to slightly over $143,000 afterward. This implies that losses were more than $2 million. However, some OFI token owners may have sold as the news broke, which may account for the lower amount being reported by CertiK. Blockchain data shows that the Ordinals deployer account withdrew over 256 million OFI tokens using the safuToken function.
Full report : Ordinals Finance has conducted a $1M rug pull.