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bitcoin
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    HomeCrypto Finance

    $4M ‘exit rip-off’ suspected as Kokomo Finance flies off radar, token plunges

    Crypto Finance
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    Latest News

    Optimism-based lending protocol Kokomo Finance has been suspected of a $4 million “exit rip-off” that has seen consumer funds plucked from the platform through a wise contract loophole.

    Blockchain safety agency CertiK alerted its followers to the “exit rip-off” in a March 26 tweet, noting that the Kokomo Finance (KOKO) token had plummeted 95% in worth in a matter of minutes.

    Kokomo Finance has both deactivated or deleted its Twitter account. Supply: Twitter
    Modifications to the sensible contract code of the KOKO started at about 9 am UTC on March 26. Supply: Optimistic Etherscan
    The worth of Kokomo Finance token, KOKO fell over 97% at about 4:10pm UTC time on March 26. Supply: CoinGecko
    Kokomo didn’t cross all elements of its sensible contract audit, which was reviewed by 0xGuard in March. Supply: GitHub

    Proceed Studying on Coin Telegraph

    See also  Craig Wright should pay $516K to pursue sue in opposition to Kraken, Coinbase
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