Story cover for DeFi Protocol SeaSwapSui Steals $32k From Investors by melodyharris809
DeFi Protocol SeaSwapSui Steals $32k From Investors
melodyharris809
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melodyharris809
Ongoing, First published May 29, 2023
medianewspublications
It was discovered by CeriK Alert that the decentralized exchange platform SeaSwap has scammed its users out of around $32,000 worth of SUI tokens. Additionally, SeaSwap has discontinued its presence on its other social media channels.

The decentralized finance system SeaSwapSui, which was just established on the Sui network, has been accused of stealing investor money and abandoning its social media sites.

CertiK, a company that specializes in blockchain security, asserts that the administrators of SeaSwap carried out an attack in which they stole 32,787 SUI worth approximately $32,000 by invoking an emergency withdrawal of SUI from the token sale contract of the project.

Sui is a layer-1 blockchain network that is driven by the designated proof-of-stake (dPoS) consensus mechanism. This network was introduced on May 3 by MystenLabs. The initial coin offering (ICO) for the Sui project was successfully completed earlier this month.

You may also be interested in: WSB Coin loses 85% of its value after a possible rug pull

Rogue Web3 project creators have used "rug pull" tactics to steal millions of dollars worth of users' hard-earned money just in one year.

In March, Harvest Keeper, a decentralized exchange (DeFi) platform powered by artificial intelligence, scammed its subscribers out of roughly one million dollars worth of cryptocurrency.

Other web3 projects, such as SyncDex.Finance, AnubisDAO, Atom Protocol, and MerlinDEX, amongst many others, have recently carried out rull pull assaults.
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