Cryptocurrency developers stole users' digital assets and immediately closed the project

Blockchain security analysts from Certik have uncovered another fraud on the crypto market. The experts recorded how criminals stole $ 1.4 million from the OrdiZK protocol. Experts said that a standard scheme of the so-called «rug pulling» was used, when developers escaped with users' money.

The researchers emphasized that the company’s official website and profile on the X platform stopped working and were deleted by the creators. Analysts said that the owner who deployed the smart contract still owns the cryptocurrency ethereum worth about $ 1 million. The digital tokens were obtained from token dumping and removing ETH ETH $3,387.84 Ethereum -1.89% Market capitalization $407.17 billion VOL. 24 hours $0.69 billion from project contracts and commissions received from sales.

In total, about $ 1.4 million ETH is stored on wallets owned by the OrdiK team:

• OrdiZK’s deployer has $ 1.03 million.
• OrdiZK treasury: $ 263.48 thousand.
• OrdiZK marketing wallet: $ 173.89 thousand.

It should be noted that the Ordinals protocol became popular in 2023. It allows you to make «inscriptions» in bitcoins BTC $60,780.47 Bitcoin -1.42% Market capitalization $1.2 trillion VOL. 24 hours $1.44 billion , so users of the Bitcoin network have the opportunity to have an analog of non-fungible tokens (NFTs). The concept quickly gained popularity among members of the crypto community.

Certik is an analytical company specializing in security and trust verification for blockchain projects and smart contracts. Experts provide audit and code verification services, as well as develop tools and technologies to identify vulnerabilities and protect against cyberattacks.