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Wednesday, July 24, 2024
Another day, another rug pull. This time on Coinbase's pet project Base Network.
ETHTrustFund rug pulls on Base, leading to $2.1 million in investor losses.
Every ponzi needs a catchy name and what better way to inspire trust than by including "ETH" and "Fund" in your project title?
It turned out to be anything but trustworthy.
Users deposited their hard-earned ETH directly into the project's treasury without realizing they were funding an exit scam.
The dev, known only as Peng, spent months building trust and raising capital, before ghosting investors for three months and finally pulling the rug.
Doesn’t this look like it was a personal trust fund for the developer?
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We are all rekt.