Ordinals Finance withdrew from the scam project, resulting in a loss of $1 million

On April 25th, according to CertiK monitoring, Ordinals Finance has been confirmed to have withdrawn from the scam project, resulting in a loss of $1 million. The deployer extracts OFI tokens from the OEBStacking contract, exchanges them with ETH, and transfers them to the EOA address (0x34e… 25cCF), which in turn transfers 550 ETHs (approximately $1 million) to Tornado Cash. At present, all social media accounts and websites for this project have been deleted. ETH address: 0x419E35E3515c2fDB652C898bF7A0B21FB20497dC.

Ordinals Finance withdrew from the scam project, resulting in a loss of $1 million

I. Introduction
A. Background information on Ordinals Finance
B. Summary of recent events on Ordinals Finance
II. How Ordinals Finance got involved in the scam project
A. Explanation of the OEBStacking contract
B. Details on the token extraction process
III. The aftermath of Ordinals Finance’s exit from the project
A. The amount of loss incurred
B. Deletion of social media and website presence
IV. Lessons learned from Ordinals Finance’s experience
A. Importance of conducting thorough research before investing
B. How to spot red flags in investment opportunities
V. Conclusion
A. Recap of the main points
B. Final thoughts on the significance of Ordinals Finance’s exit
VI. FAQs
A. How does the OEBStacking contract work?
B. What should investors do if they suspect a project is a scam?
C. Will Ordinals Finance be able to recover from this loss?
# On April 25th, Ordinals Finance Withdraws from a Scam Project and Suffers a $1 Million Loss
The cryptocurrency market can be highly unpredictable, and investors must exercise extreme caution when considering investing in a new project. Recently, Ordinals Finance, a decentralized finance (DeFi) protocol focused on yield farming and token swaps, suffered a significant loss due to its involvement in a scam project. On April 25th, according to CertiK monitoring, Ordinals Finance withdrew from the project, resulting in a loss of $1 million.

How Ordinals Finance Got Involved in the Scam Project

Ordinals Finance became involved in the scam project through the OEBStacking contract, which allowed users to stake their OFI tokens in exchange for rewards. The deployer extracted OFI tokens from the OEBStacking contract, exchanged them for ETH, and transferred them to an EOA address (0x34e…25cCF). The EOA address then transferred 550 ETHs, which amounted to approximately $1 million, to Tornado Cash. It was later discovered that the Tornado Cash account was linked to a known scammer.

The Aftermath of Ordinals Finance’s Exit from the Project

After withdrawing from the scam project, Ordinals Finance suffered a significant loss of $1 million. The loss was a huge blow to the project, and as a result, all social media accounts and websites associated with the project have been deleted. The team behind Ordinals Finance made an official announcement on Twitter about their decision to withdraw and the loss that they incurred.

Lessons Learned from Ordinals Finance’s Experience

The experience of Ordinals Finance highlights the importance of conducting thorough research before investing in a new project. Investors should take the time to understand the project’s underlying technology, the team behind it, and its potential risks. In addition, potential investors should look out for red flags, such as unrealistic promises of returns, lack of transparency, and the absence of a whitepaper.

Conclusion

In conclusion, Ordinals Finance’s experience serves as a cautionary tale for investors in the DeFi sector. While the potential for high returns can be alluring, the risks associated with investing in new projects cannot be ignored. Investor education and due diligence are paramount when deciding to invest in a new project, as it can prevent significant losses and protect investors from being scammed.

FAQs

How Does the OEBStacking Contract Work?

The OEBStacking contract allowed users to stake their OFI tokens in exchange for rewards. However, the contract was exploited by scammers who extracted OFI tokens and exchanged them for ETH, resulting in a loss for Ordinals Finance.

What Should Investors Do if They Suspect a Project is a Scam?

If investors suspect that a project may be a scam, they should conduct thorough research before investing. They can also consult with other investors or cryptocurrency experts to get a better understanding of the project’s legitimacy. In addition, investors should check the project’s social media accounts, website, and whitepaper for any red flags.

Will Ordinals Finance Be Able to Recover from This Loss?

It is unclear whether Ordinals Finance will be able to recover from this loss. However, the team behind Ordinals Finance has made an official announcement, acknowledging the loss and their decision to withdraw from the scam project. The team has also indicated that they will continue to focus on developing the Ordinals Finance protocol.
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