CEO of Ordinals Finance committed fraud


The CEO of Ordinals Finance, a decentralised financial services company, committed withdrawal fraud and disappeared with his clients' money.

On April 24, the DeFi director withdrew 256 million Ordinals Finance (OFI) tokens from his smart contract, exchanging them for about $1 million in Ethereum (ETH) and subsequently laundering them through Tornado Cash. The founder then shut down the site, deleted his Twitter account (the social network is blocked in Russia) and wiped the source code, which was posted on GitHub.

As a result of this fraud, OFI's exchange rate fell by almost 96%, causing the capitalisation level to fall to $101,662. With 1 billion OFI tokens in circulation, it appears that the perpetrator sold nearly a quarter of these coins for a measly $1 million, resulting in a loss of approximately $3.9 million to OFI token holders.

In early February 2023, DeFi Ordinals Finance was introduced as the first marketplace to offer NFT lending and borrowing issued through the bitcoin blockchain. This caused a great resonance in the cryptocurrency space, and OFI tokens were sold in large numbers.

Previous Article Did you like the article? 0 Next Article
Comments: 0
Leave a comment
The subscription service is currently at the final stage of development. Sending regular news materials to your email will begin shortly. A re-subscription is not required.
Add more