BaseBros Fi, a decentralized finance yield optimization protocol built on the Base blockchain, has vanished, presumably rug-pulling its investors.
Rug Pull Details
According to ChainAudits, the project abruptly disappeared on September 13, deleting its website and all social media accounts on platforms like X and Telegram. This disappearance is being pegged as a rug pull, leaving investors unable to recover their funds, which totaled over $130,000. According to Cyvers on X, the rug pull was facilitated through an unaudited smart contract that contained a “backdoor” allowing the BaseBros team to siphon off funds deposited by users.
Smart Contract Vulnerability
Smart contracts are often central to decentralized finance platforms because they automate complex financial operations without the need for intermediaries like banks. However, unaudited smart contracts can be vulnerable to exploits, making investor funds more susceptible to theft. Chain Audits had previously examined some of BaseBros’ smart contracts, but the specific contract responsible for the theft was not part of their earlier audit and had not been verified on the blockchain.
Community Reaction
At the time of the rug pull, BaseBros Fi had gained a notable following, with over 2,000 users on X and more than 3,300 members on Telegram. The sudden disappearance shocked the community, who lost access not only to their investments but also to any communication channels with the project team. According to Cyvers, the attackers funneled the stolen $130,000 through Tornado Cash, a crypto-mixing service designed to obscure the transaction trail.
This incident involving BaseBros Fi underscores the importance of thorough smart contract audits and increased vigilance in decentralized finance projects to prevent similar cases in the future.
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