The team allegedly sold hundreds of millions of tokens into the market and then disappeared from social media.
The team behind cross-chain bridging protocol OrdiZK (OZK) has allegedly performed an exit scam, taking off with $1.4 million worth of investors’ cryptocurrency, according to blockchain security platform CertiK.
Certik reports that on March 4, the protocol’s deployer account allegedly dumped 489 million OZK tokens on a decentralized exchange, receiving $132,000 in return. This sale caused the token price to plunge by 98%. Then, on March 5, it sold another approximately $214,000 worth of OZK, causing an additional 99% slippage.
Blockchain data confirms that on March 4, the OZK deployer called the “execute” function on Uniswap’s Universal Router contract, which resulted in approximately 489 million OZK being swapped for 35.65 Ether (ETH). On March 5, an additional 121 million OZK was swapped through the execute function, resulting in another 0.93 ETH being transferred from Uniswap’s OZK/ETH liquidity pool into the deployer account.
