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Chibi Finance $1M alleged rug pull: How it happened

Published 07/03/2023, 09:01 AM
Updated 07/04/2023, 11:20 AM
ETH/USD
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On June 26, decentralized finance (DeFi) aggregator Chibi Finance was exploited by its own deployer account, and $1 million worth of cryptocurrency was drained from its contracts in an apparent rug pull or exit scam. The protocol’s official user interface disappeared, producing a 404 error, and all social media for the app was taken down. After the funds were drained, they were swapped for Wrapped Ether (WETH) and bridged to Ethereum, where they were afterward sent to Tornado Cash by the attacker.

The price of the Chibi Finance (CHIBI) governance token fell by over 90% as the news broke.

CHIBI token price. Source: CoinGecko.

Panic function

The panic() function in StrategySushiSwap.sol contract. Source: Blockchain data.
SushiSwap MiniChefV2 emergencyWithdraw function. Source: Blockchain data.
Admin rights for one of the Chibi Finance contracts being changed. Source: Blockchain data.

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