{"id":15402,"date":"2024-07-22T12:29:24","date_gmt":"2024-07-22T09:29:24","guid":{"rendered":"https:\/\/forklog.com\/en\/ethtrustfund-founder-accused-of-2-2-million-rug-pull\/"},"modified":"2024-07-22T12:29:24","modified_gmt":"2024-07-22T09:29:24","slug":"ethtrustfund-founder-accused-of-2-2-million-rug-pull","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ethtrustfund-founder-accused-of-2-2-million-rug-pull\/","title":{"rendered":"ETHTrustFund Founder Accused of $2.2 Million Rug Pull"},"content":{"rendered":"<p>On July 21, the founder of the cryptocurrency hedge fund ETHTrustFund, known by the pseudonym Reng, transferred $2.2 million to a new wallet after three months of inactivity. Several on-chain analysts <a href=\"https:\/\/www.chainabuse.com\/report\/4e3e0656-698b-4e09-a561-e470c53375e4\">reported<\/a> a likely <span data-descr=\"a practice of inflating the value of a created token in a liquidity pool followed by a sharp withdrawal of funds; subsequently, other pool participants are left with devalued assets\" class=\"old_tooltip\">rug pull<\/span>.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">RUG ALERT ?<\/p>\n<p>Yesterday, the project known as ETHTrustFund (<a href=\"https:\/\/twitter.com\/ETHTrustFund_?ref_src=twsrc%5Etfw\">@ethtrustfund_<\/a> now deleted) sent +$2M from the treasury to a new wallet, after months of intentional inactivity by the dev, it seems that he has decided to steal the funds ? <a href=\"https:\/\/t.co\/YcswifyHmQ\">pic.twitter.com\/YcswifyHmQ<\/a><\/p>\n<p>\u2014 Octoshi.eth (@0ctoshi) <a href=\"https:\/\/twitter.com\/0ctoshi\/status\/1815026461675335752?ref_src=twsrc%5Etfw\">July 21, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The funds from the <a href=\"https:\/\/base.xangle.io\/accounts\/0xbfdb66a6783a6dc757f539139c68bed75eb491c8\/transactions\">treasury wallet<\/a> were first sent to a <a href=\"https:\/\/base.xangle.io\/accounts\/0x374f4bd39ad211e67e0f8cb8ebf1b4f6ac3059ad\/transactions?page=1&#038;rowPerPage=50\">new address<\/a>, then exchanged for Ethereum and laundered using the mixers Railgun and Tornado Cash.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/docsz\/AD_4nXchJQDP4yc2yziq8racaZrmz7Vv8bcebpgJELtCaE2fWaueFozB_5CgJ-8tk9lcZOWeM1_DrM3XefyjIcsvhJdQIflQIRsqnWOQoFpG-ooZJLEB5badshavLPQTc2IF_jKM_O1bCTU97rMu5CgD3eY2rPEb?key=YONnJnq5JFdhJZNl-xEuCg\" alt=\"ETHTrustFund Founder Accused of $2.2 Million Rug Pull\"\/><figcaption class=\"wp-element-caption\">Data: PeckShield.<\/figcaption><\/figure>\n<p>Reng deleted the official Telegram and X accounts of the project, as well as his personal accounts on these platforms. The ETHTrustFund website is down, but the <a href=\"https:\/\/docs.ethtf.io\">documentation<\/a> remains accessible.<\/p>\n<p>The decentralized hedge fund ETHTrustFund attracted funding amid the hype surrounding the launch of the Base blockchain, ETFs, and meme tokens. It promised users &#8220;the highest returns on Earth&#8221; through investments in early-stage projects and participation in exclusive Base airdrops.<\/p>\n<p>The project also claimed to have created a new token standard that purportedly allowed for maximizing staking returns while protecting its value for holders. <\/p>\n<p>Earlier in June, the Gemholic project from the zkSync ecosystem was accused of a $3.4 million rug pull.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On July 21, the founder of the cryptocurrency hedge fund ETHTrustFund, known by the pseudonym Reng, transferred $2.2 million to a new wallet after three months of inactivity. Several on-chain analysts reported a likely rug pull. RUG ALERT ? Yesterday, the project known as ETHTrustFund (@ethtrustfund_ now deleted) sent +$2M from the treasury to a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15401,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1321,44,1424,1246],"class_list":["post-15402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-base","tag-cybercrime","tag-protocols","tag-scammers"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15402","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=15402"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15402\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/15401"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=15402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=15402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=15402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}