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Ordinals Finance Departs from Scam Project and Loses $1 Million

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On April 25th, according to CertiK monitoring, Ordinals Finance has been confirmed to have withdrawn from the scam project, resulting in a loss of $1 million.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

Ordinals Finance Departs from Scam Project and Loses $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On April 25th, according to CertiK monitoring, Ordinals Finance has been confirmed to have withdrawn from the scam project, resulting in a loss of $1 million.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

In the world of cryptocurrency, scams and fraudulent projects are unfortunately common occurrences. On April 25th, 2021, one such project, Ordinals Finance, confirmed that they had withdrawn from a scam project, resulting in a loss of $1 million. This article will delve deeper into this event, providing an overview of Ordinals Finance’s involvement in the project, the impact of their departure, and the measures taken in its aftermath.

Overview of Ordinals Finance’s Involvement

CertiK, a blockchain security company, reported that Ordinals Finance had withdrawn from a scam project on April 25th, 2021. The scam project remains unnamed, but the way in which Ordinals Finance was involved is significant. According to CertiK monitoring, the deployer extracted OFI tokens from the OEBStacking contract, exchanged them with ETH, and transferred them to an external address. This external address, 0x34e…25cCF, is an EOA address that subsequently transferred 550 ETHs (approximately $1 million) to Tornado Cash.
Ordinals Finance’s involvement in this scam project is a clear indication that even reputable projects can become involved in fraudulent activities. However, it is important to note that Ordinals Finance has taken measures to distance themselves from the scam project and prevent further damage.

Impact of Ordinals Finance’s Departure

The departure of Ordinals Finance from the scam project has significant implications. In the short term, the loss of $1 million is a setback for the project. However, the long-term implications of being involved in a scam project can be devastating for a project’s reputation. It is commendable that Ordinals Finance has taken immediate steps to address the situation and ensure that their reputation remains intact.

Measures Taken in the Aftermath

Since withdrawing from the scam project, Ordinals Finance has taken swift action to address the situation. All social media accounts associated with the project have been deleted, and the website has been taken down. In addition, there have been no further OFI tokens extracted from the OEBStacking contract.
In light of this situation, Ordinals Finance has released a statement providing clarity on their involvement and assuring the community that they are taking all necessary steps to ensure the safety of their users. Ordinals Finance has also indicated that they are working with legal experts to pursue any available actions against the scam project.

Conclusion

In conclusion, Ordinals Finance’s departure from a scam project is a sobering reminder of the risks inherent in the world of cryptocurrency. However, the measures taken by Ordinals Finance to distance themselves from the scam project and address the situation are indicators of their commitment to their users and reputation. As we continue to navigate the ever-changing landscape of cryptocurrency, it is essential that we remain vigilant and take steps to protect ourselves from fraudulent activities.

FAQs

**1. What was the scam project that Ordinals Finance withdrew from?**
The scam project remains unnamed, but it is noteworthy that even reputable projects can become involved in fraudulent activities.
**2. How has Ordinals Finance responded to their involvement in the scam project?**
Ordinals Finance has taken swift action to address the situation, including deleting all social media accounts associated with the project, taking down the website, and working with legal experts to pursue any available actions against the scam project.
**3. How can individuals protect themselves from fraudulent activities in the cryptocurrency space?**
Individuals can protect themselves from fraudulent activities in the cryptocurrency space by remaining vigilant, performing due diligence when investing in projects, and seeking out reputable sources of information.

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