Warning: Sorta Finance Likely To Exit Scam On Arbitrum
Investors are urged to steer clear of Sorta Finance on Arbitrum amid strong indications of an impending exit scam. The protocol recently deactivated its Sorta Finance X account, raising serious red flags about its legitimacy. This scammer has a notorious history, previously stealing over $25 million through various scams, including Magnate, Kokomo, Lendora, Solfire, Crolend, and HashDAO. The current deployer address for Sorta Finance was newly funded, and the first address to interact with Sorta's contracts received 100 ETH from Tornado Cash, a known anonymity tool often associated with illicit activities. https://twitter.com/ChainAegis/status/1816673174186229788?t=k6R96I-A5Zx8HeOyEYm9Wg&s=19 Sorta Finance operates by forking Compound V2 on various EVM chains. Once the Total Value Locked (TVL) in the protocol reaches a significant amount, the scam operators typically pause withdrawals and borrowing, subsequently rugging all users. This method has been used effectively in their previous scams. To add […]
