$4M 'exit scam' suspected as Kokomo Finance flies off radar, token plunges

The attacker then called another command to swap the So-WBTC to the 0x5a2d address, which produced a $4 million profit, according to the security firm.Optimistic Etherscan

A CertiK spokesperson told Cointelegraph that it was the largest"incident" that they’ve detected on Optimism. Kokomo Finance is an open-source and non-custodial lending protocol on Optimism, where investors could trade for wBTC, Ether

Wow, that really surprised me.

We are helping to solve this issue and deter fraud in the space with our Gold Standard Verification for project owners! We believe project owners shouldn't receive investor funds until they hold themselves accountable to their communities! Investors need to demand more!

RichardHeartWin they just keep coming. So glad you created $HEX so we can mint rewards without middlemen and lending.

RichardHeartWin another one

This alleged rug pull is the largest incident detected on optimismFND, and the smart contract audit found 'typographical errors' and a one-time ability to mint 45% of the $KOKO token's maximum supply.

It's events like this that make it really difficult for new/small/independent developers and projects to gain any traction in this space. Very disappointing.

whether when selling tokens on the website, Kokomo has been verified or not

DeFi can’t be trusted in its current form. Regulators need to step in. DeFi projects need to be put under a tight oversight and adhere to regulations. Smart contracts need a series of laws implemented that prevent abuse. Currently you are giving away control to a anonymous entity

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Stop playing 😂😂😂😂

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