Chibi Finance, an Arbitrum-based yield farming optimizer, reportedly conducted a major exit scam earlier today.

CertiK, a blockchain security firm, confirmed that the developers behind Chibi Finance had stolen approximately $1 million worth of various tokens, according to their analysis of blockchain data shared to the CryptoDaily Editorial team. This factor led to the price of the CHIBI token to plummet by 98%.

The Scam and its Execution

Chibi Finance’s exit scam unfolded as the developers, having gained control of the platform’s smart contracts, proceeded to steal a significant amount of users’ funds. The scam was orchestrated using a malicious contract set up by the deployer of Chibi Finance.

By establishing this malicious contract as the _gov address, the developers gained the ability to invoke the panic function. This function enabled them to trigger an emergencyWithdraw of funds to the exit scammer’s address.

Approximately 256,012.95 USDC, 94.67 WETH, 4.25520843 WBTC, 115,049 USDT, and 89,563.95 ARB were siphoned off from the project’s contracts. The stolen assets were subsequently swapped for 555 ETH, which were then bridged from the Arbitrum network to the Ethereum network. These funds were ultimately laundered through

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Author: Vince Dioquino

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