DeFi protocol scams investors, drains $130,000 via hidden backdoor. Seamless unaffected, highlighting risks of unaudited projects.
BaseBros Fi, a DeFi protocol on the Base blockchain, recently executed a rug pull, a scam where developers withdraw funds and disappear. On September 13, 2024, BaseBros deleted its website and social media accounts, leaving investors in the dark.
The project utilized an unaudited smart contract with a hidden backdoor, allowing them to drain approximately $130,000 from users' funds. These funds were then laundered through Tornado Cash, a service that obscures transaction details.
Initially, there was confusion about whether the Seamless protocol was also affected. However, it was later confirmed that Seamless was safe, and BaseBros was the only protocol involved in the scam.
This incident underscores the risks associated with investing in unaudited DeFi projects. Without proper audits, smart contracts can contain vulnerabilities or deliberate backdoors, making them susceptible to exploitation.
