SeaSwapSui Steals $32K: DeFi Protocol Rug Pulls Investors

• SeaSwapSui, a decentralized finance protocol, has rug-pulled its users and stolen $32,000 worth of SUI tokens.
• SeaSwap is powered by the designated proof-of-stake (dPoS) consensus mechanism, which was launched on May 3 by MystenLabs.
• This year alone, rogue web3 project creators have stolen millions of dollars worth of users’ hard-earned money via rug pull attacks.

SeaSwapSui Stole $32k from Investors

CeriK Alert has revealed that DeFi platform SeaSwap has rug-pulled its users, stealing about $32,000 worth of SUI tokens worth roughly $32,000 during the attack. SeaSwap has also abandoned its other social media channels.

About Sui Network

Sui is a layer-1 blockchain network powered by the designated proof-of-stake (dPoS) consensus mechanism. The Sui project concluded its initial coin offering (ICO) earlier this month.

Rug Pulls are Increasing

This year alone, rogue web3 project creators have stolen millions of dollars worth of users’ hard-earned money via rug pull attacks. In March, Harvest Keeper, an artificial intelligence-based DeFi platform rug pulled its users, carting away with nearly $1 million in crypto. Other web3 projects such as SyncDex.Finance, AnubisDAO and MerlinDEX have conducted rull pull attacks of late as well.

Regulation to Combat Scams

The increasing number of scams has led Dubai to call for more collaboration between watchdogs to combat such activities in order to protect investors’ funds from impunity and increase trust in this nascent sector.

Binance Enters NFT Lending Market

In response to these scams Binance recently announced it’s entry into the Non Fungible Token (NFT) lending market with a loan service called Binanace Lend which will allow holders to borrow against their existing NFTs as collateral and access liquidity without having to sell them off directly on the open market