Chibi Finance Scammed For $1M: 12th Arbitrum-Based Protocol To Rug Users

• Nevada has asked Prime Trust to be placed into receivership, reporting an $82M deficit.
• EDX Markets reportedly drops Paxos as planned custodial partner.
• Robinhood lays off 7% of workforce on same day as Cardano, Polygon, and Solana delisting.

Nevada Asks for Prime Trust to be Put in Receivership

Nevada has asked for Prime Trust to be put in receivership due to a reported $82M deficit. This request comes after the launch of the first leveraged Bitcoin futures ETF on CBOE and Switzerland seizing $26M tied to Do Kwon, Terra Chibi Finance’s project token CHIBI crashing close to 99% in value following a malicious contract rug pull initiated by the deployer.

EDX Markets Drops Paxos as Planned Custodial Partner

EDX Markets reportedly announced that it is dropping Paxos as its planned custodial partner due to their inability to provide the required services needed for proper functioning of the platform. This news came shortly after Robinhood laid off 7% of its workforce on the same day that Cardano, Polygon and Solana were delisted from their platform.

First Leveraged Bitcoin Futures ETF Opens

The first leveraged Bitcoin futures exchange-traded fund opened for trading on CBOE this week. The ETF trades under the ticker symbol „BLOK“ and is designed to provide investors with exposure up or down 2x BTC prices over a specified period of time through derivatives contracts traded on CME Group’s regulated exchanges. The launch marks an important milestone in bringing more institutional capital into the crypto space and making investing easier for all types of investors – both retail & institutional alike.

Switzerland Seizes $26M Tied To Do Kwon, Terra

Switzerland seized roughly $26 million in assets tied to Do Kwon and his company Terra earlier this week in what appears to be an ongoing investigation into suspected money laundering activities within the cryptocurrency industry. The Swiss Federal Prosecutor’s Office is currently gathering evidence against those involved in order to determine if any illegal activities took place during these transactions.

Chibi Finance Rugs Users In 2023

Chibi Finance became the 12th Arbitrum-based protocol this year when it rug pulled its users for roughly $1 million via a malicious contract earlier this month . The project’s native token — CHIBI — crashed almost 99% in value as of press time following news of the rug pull incident . It appears that all stolen funds have been moved to Tornado Cash mixer since then .

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