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Over $600K Vanishes From DeFi Project Blur Finance; Developers Disappear
The project's Twitter feed and Discord channel have been deleted.
Updated May 11, 2023, 5:24 p.m. Published Aug 10, 2022, 9:39 a.m.
Another day, another apparent rug pull.
The developers behind Blur Finance, a yield aggregator intended to leverage different decentralized finance (DeFi) protocols and strategies to maximize user profits, appear to have suddenly abandoned the project and deleted its social media channels.
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More than $600,000 worth of tokens vanished in the process, security firm PeckShield said on Wednesday. Blur ran on the BNB Chain and Polygon networks.
#PeckShieldAlert #rugpull Seems Blur Finance $BLR rugged. $BLR has dropped -99%. https://t.co/phmi0OPIbphttps://t.co/qk5c0UF6fY
— PeckShieldAlert (@PeckShieldAlert) August 10, 2022
The social media channel deleted and ～$600k were taken on polygon and BNBChain.
Thanks @Adam0658 for the intel. pic.twitter.com/e1oHDKkDVa
The protocol's website is returning an invalid certificate, and a link to its Discord channel results in an "invite invalid" message.
The move is a textbook rug pull, a scam carried out by developers who launch a working decentralized finance application and carry out social media marketing to popularize it before issuing a token and listing it on a decentralized exchange (DEX). After investors have purchased the tokens in the hopes of a positive return, the developers shut up shop and disappear.
The liquidity that investors provide can run into millions of dollars. Last week investors in Polygon-based Web3 game Dragoma appear to have been subject to a rug pull valued at $3.5 million. A Chainalysis report previously estimated that rug pulls totaled some $2.8 billion in 2021 alone.
Blur had over 754 holders on BNB Chain, trackers show. The project recently integrated with Polygon and provided annualized yields of some 4,000% as of last week. The contract was created July 7.
The project’s BLR token fell 99% following the rug pull, trading at $.00064 at writing time. The price peaked at 6 cents last week.
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