Cronos-Based Algorithmic Lending Protocol Rug Pulls $600K From Users

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CroLend, pre­sent­ing itself as an algo­rith­mic, autonomous lend­ing pro­to­col built on top of the Cronos net­work, has delet­ed all social media pages, the web­site doesn’t work, and its TVL has been drained to $0.

This prompt­ed the com­mu­ni­ty to argue that this is the lat­est exam­ple of a rug pull in the space.

  • Cit­ing user infor­ma­tion, Peck­Shield took it to Twit­ter ear­li­er to inform that all rel­e­vant posts and sites asso­ci­at­ed with CroLend have been erased.
  • These include the Twit­ter account and Medi­um posts, while the web­site doesn’t work as of writ­ing these lines.
  • Accord­ing to DeFiLla­ma, the Total Val­ue Locked on CroLend Finance has plum­met­ed to $0 after peak­ing at almost $600,000 earlier.
  • Rug pulls are a rather com­mon red dot in the cryp­tocur­ren­cy indus­try. As the name sug­gests, it’s basi­cal­ly an event in which the team behind the project siphons all the funds that have been deposit­ed by users.
  • The num­ber of such inter­nal exploits has grown expo­nen­tial­ly in the past few years, as pre­vi­ous­ly report­ed.
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