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SirWin
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SirWin

Ordinals Finance steals $1m from users, OFI token crashes 95%

ordinals-finance-steals-1m-from-users-ofi-token-crashes-95
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Ordinals Finance steals $1m from users, OFI token crashes 95%

Ordinals Finance, a platform on Ethereum that allowed users to trade Bitcoin Ordinals’ inscriptions, has deleted their Twitter and Telegram handles and rugged users off $1 million, as per CertiK, a blockchain security firm.

In a tweet on late April 24, CertiK said the anonymous team behind Ordinals Finance withdrew roughly $1 million of OFI, the platform’s native token, after activating two functions on the deploying smart contracts, causing losses to OFI holders and forcing the token’s price to plunge by over 95%.

https://twitter.com/CertiKAlert/status/1650543396514148357

An analysis of the rug pull reveals that the team withdrew 269 million OFI through two separate functions, “safuToken” and “ownerRewithdraw”. 

Most funds, 256 million OFI, were withdrawn from the “SafuToken” function in separate transactions and sent to a different Ethereum address. 

From this address, OFI received were sent to Tornado Cash, a token mixer. The goal was to obfuscate transactions, preventing users from tracking the eventual receiving address. The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has sanctioned Tornado Cash’s code. 

The remainder, 13 million OFI, were drawn through the “ownerRewithdraw,” which allowed the deployer to transfer all OFI staked. 

By the time Ordinals Finance rugged users, there were 1,287 token holders, according to CertiK. At the same time, DappRadar data shows that there were 797 unique active wallets (UAW) linking to the platform in the last month.

CoinMarketCap statistics on April 24 show that OFI prices are down 95% to $0.000112. At peaks, OFI traded at $0.006234 and had been under pressure since mid-April.

While Ordinals Finance allows lending and borrowing of inscriptions, it is not officially associated with Bitcoin Ordinals. 

Bitcoin Ordinals allows the minting of “non-fungible tokens (NFT)-like” assets remains unaffected by this exit scam.

Eventually, Ordinals Finance planned to leverage the Bitcoin network. However, before then, they released OFI, their native token, on Ethereum.