Tuesday, November 28, 2023

Developers vanish, and more than $600K disappears from the DeFi Project Blur Finance.

Blur Finance is a yield aggregator. The developers behind this aggregator had the intention of leveraging various DeFi protocols as well as strategies. This was in order to maximize the profits of users. However, they seem to have abandoned their projects and have also deleted all their social media profiles.

During this process, upwards of $600,000 worth of tokens disappeared. This was revealed by PeckShield, a security firm, on Wednesday. Blur Finance used to run on Polygon networks as well as the BNB Chain.

Blur Finance Developers Disappear

The website of the protocol has been returning a certificate indicating its invalid. Similarly, trying to enter its Discord channel is also showcasing a message that says ‘invite invalid’. This is a move that can be seen as a textbook scam. Once investors have purchased tokens and are hoping for a good return, the developers disappear.

Liquidity provided by investors can go up to millions of dollars. Just last week, Dragoma, a Web3-game based in Polygon, also experienced a rug pull. This was valued at around $3.5 million. A report from Chainalysis said that estimated rug pulls in 2021 alone totaled around $2.8 billion.

There were more than 754 holders when it came to the BNB Chain, according to trackers. The BLR token of the project fell by around 99% after the rug pull. It’s trading at $.00064 at the moment. Within the past week, the price peaked by around 6 cents.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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