SeaSwap Rug-Pulls Users, Stealing $32,000 In SUI Tokens

DeFi platform SeaSwap has been exposed for carrying out a rug-pull on its users, resulting in the theft of approximately $32,000 worth of SUI tokens, according to CeriK Alert, a blockchain security company. In addition to the theft, SeaSwap has also abandoned its social media channels.

SeaSwap Rug Pull

SeaSwapSui, a decentralized finance protocol operating on the recently launched Sui network, is responsible for the misappropriation of investor funds and the subsequent abandonment of its online presence. CertiK has discovered that the SeaSwap administrators executed an emergency withdrawal of SUI from the token sale contract, making off with 32,787 SUI tokens valued at around $32,000.

Sui, powered by a designated proof-of-stake (dPoS) consensus mechanism, is a layer-1 blockchain network that was introduced to the market by MystenLabs on May 3. The Sui project had recently concluded its initial coin offering (ICO), and its future now appears to be marred by the rug-pull incident.

This unfortunate event adds to the growing list of rug pull attacks that have plagued the web3 space this year. These rogue creators of decentralized projects have siphoned off millions of dollars from unsuspecting users. In March, Harvest Keeper, an AI-based DeFi platform, executed a rug pull that resulted in the theft of nearly $1 million in cryptocurrencies.


Rug Pull Epidemic

Several other web3 projects have also been involved in rug pull attacks recently, including SyncDex.Finance, AnubisDAO, Atom Protocol, MerlinDEX, and various others. These incidents have raised concerns about the security and trustworthiness of certain projects within the decentralized ecosystem.

As the DeFi space continues to evolve and attract more participants, it becomes increasingly important for users to exercise caution and conduct thorough research before engaging with any platform or investment opportunity. Rug pulls serve as a stark reminder of the risks associated with investing in the crypto industry and highlight the need for robust security measures and regulatory oversight to protect investors from fraudulent activities.

It remains to be seen whether the perpetrators behind the SeaSwap rug pull will be identified and held accountable for their actions. Investors and users affected by the incident should remain vigilant and report any suspicious activities to relevant authorities in order to mitigate future risks.