Cryptocurrency project CroLend closed after stealing its customers' cryptocurrency

The CroLend project, which was positioned as an algorithmic autonomous lending protocol, suddenly disappeared from the radar — its founders blocked the website, closed all official social media accounts, and were able to withdraw all the blocked funds to their own wallets. Analytical company PeckShield confirms that the project’s TVL has dropped from $ 600,000 to $ 0.

One of the first to react to the news was a Twitter user under the handle @MantissaPraying, who reminded us that he had warned about a possible Rug pull two weeks ago. On November 18, he posted a post saying that CroLend was seriously suspect.

As evidence, he listed the fact that the protocol had no confirmation of loan agreements, the smart contract code was missing from the GitHub service, and the link to the documentation audit was not active — only information that the audit had taken place somewhere and at some point.

The news of CroLend’s closure caused panic among those who used the project — many still can’t believe what is happening — people hope they will be able to get their money back.