According to a report from PeckShield, ETHTrustFund transferred its entire treasury funds to a new account and then attempted to launder the funds through mixer apps.
ETHTrustFund (ETF), a Base network protocol that advertised itself as similar to Olympus or Wonderland, transferred $2 million from its treasury to Tornado Cash and Railgun mixer apps on July 20 and deleted all of its websites and social media accounts. This caused security experts to conclude that the project was a “rug pull” or exit scam.
The incident was first reported by crypto investor and X user Octoshi on July 21. According to Octoshi, the project’s treasury had been sent to a new address the previous day.
On July 22, blockchain security platform PeckShield shared the report. According to the blockchain security firm, ETHTrustFund developers transferred the funds to mixer apps Tornado Cash and Railgun in an apparent attempt to launder them.
