DeFi project Compounder Finance suspected of exit scam worth $10.8 million

Anonymous developers of the DeFi project Compounder Finance allegedly stole $10.8 million from users. CoinDesk reports.

According to Etherscan, the smart contract was launched on November 10. At the time of writing, the project’s website and social media accounts are unavailable.

Data: Etherscan.

Earlier in the exit scam suspected DeFi project LV Finance. Its organizers forged audit results to siphon investors’ funds.

Founder of the Compound Finance protocol, Robert Leshner, noted that the developers withdrew funds using a hidden function in the smart contract. Earlier, experts from Solidity Finance, which audited Compounder, flagged the suspicious detail.

In total, $750,000 in Wrapped Bitcoin, $4.8 million in Ethereum and $5 million in DAI were stolen, along with small amounts of other tokens.

One investor said he had lost $1 million. He pledged to pay $50,000 for information that could help recover the stolen funds.

Message to the scammer of https://t.co/kZv6MWkB3E just scammed approximately $10,800,000

I have personally lost approx. 1m$ and the rest of the crypto community lost approx. 10m$ from your rug pull.

— DefiYield.info 👨‍🌾🚜 (@defiyield_info) December 1, 2020

The project’s own CP3R token fell by 99%. As of writing it trades at about $0.30.

Source: CoinGecko.

In September, after a two-day campaign, the creators of the DeFi project Yfdexf.Finance disappeared with $20 million of users’ funds.

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