CeriK Alert has revealed that DeFi platform SeaSwap has rug-pulled its users, stealing about $32,000 worth of SUI tokens. SeaSwap has also abandoned its other social media channels.
SeaSwapSui, a decentralized finance protocol on the recently launched Sui network, has stolen investor funds and abandoned its social media platforms.
According to the blockchain security company, CertiK, the SeaSwap admins invoked emergency withdrawal of SUI from the project’s token sale contract, stealing 32,787 SUI worth roughly $32,000 during the attack.
Launched on May 3 by MystenLabs, Sui is a layer-1 blockchain network powered by the designated proof-of-stake (dPoS) consensus mechanism. The Sui project concluded its initial coin offering (ICO) earlier this month.
This year alone, rogue web3 project creators have stolen millions of dollars worth of users’ hard-earned money via rug pull attacks.
In March, Harvest Keeper, an artificial intelligence-based DeFi platform rug pulled its users, carting away with nearly $1 million in crypto.
Other web3 projects, including SyncDex.Finance, AnubisDAO, Atom Protocol, MerlinDEX, and a host of others have conducted rull pull attacks of late.