HomeUncategorizedChibi Finance $1M alleged rug pull: How it happened By Cointelegraph

Chibi Finance $1M alleged rug pull: How it happened By Cointelegraph

July 3, 2023

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On June 26, decentralized finance (DeFi) aggregator Chibi Finance was exploited by its own deployer account, and $1 million worth of cryptocurrency was drained from its contracts in an apparent rug pull or exit scam. The protocol’s official user interface disappeared, producing a 404 error, and all social media for the app was taken down. After the funds were drained, they were swapped for Wrapped Ether (WETH) and bridged to , where they were afterward sent to Tornado Cash by the attacker.

The price of the Chibi Finance (CHIBI) governance token fell by over 90% as the news broke.

CHIBI token price. Source: CoinGecko.

Panic function

The panic() function in StrategySushiSwap.sol contract. Source: Blockchain data.
SushiSwap MiniChefV2 emergencyWithdraw function. Source: Blockchain data.
Admin rights for one of the Chibi Finance contracts being changed. Source: Blockchain data.