The Rise and Fall of the ETHTrustFund DAO
In a shocking turn of events, the ETHTrustFund DAO, operating on the Base network, has been embroiled in a $2 million scam, leaving cryptocurrency investors reeling.
Reports from 0ctoshi indicate that the DAO orchestrated a deliberate exit scam, transferring its entire vault to a new wallet on July 20, 2024.
The stolen funds were then laundered through hybrid apps like Tornado Cash and Railgun to cover their tracks.
The Downfall of Developer Peng
The project, once hailed for its unique rebase mechanism, took a dark turn when lead developer Peng mysteriously disappeared in April.
Peng’s silence, coupled with the abrupt deletion of ETHTrustFund’s online presence, raised red flags within the community.
As suspicions grew, Octoshi brought attention to the issue, revealing the movement of over $2 million from the project’s vaults to new wallets.
A Pattern of Deception in the Crypto Space
The ETHTrustFund scandal is not an isolated incident in the cryptocurrency industry.
Recent cases, such as the Gemholic and Ordiz scams, highlight the pervasive risk of fraudulent activities in the crypto landscape.
Investors are urged to remain vigilant and conduct thorough due diligence to protect themselves from potential exit scams.
