Investment Scams

ETHTrustFund DAO's $2M Rug Pull: Latest Crypto Scam Unveiled

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ETHTrustFund DAO rug pull 2024

Posted By  Clayton Graves
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ETHTrustFund DAO Accused of $2M Rug Pull in Latest Crypto Scam

Introduction

In a troubling development for cryptocurrency investors, the ETHTrustFund DAO, a decentralized autonomous organization operating on the Base network, has been accused of conducting a $2 million rug pull. The allegations, substantiated by reports from Octoshi and blockchain security firm PeckShield, suggest that the project executed a deliberate exit scam, leaving investors at a significant loss.


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Summary of facts
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  • Defendant: ETHTrustFund DAO
  • Crime: Fraudulent cryptocurrency investment solicitation
  • Amount Defrauded: $2 million
  • Method: The developer Peng went silent months before the rug pull, transferring the treasury to a new wallet and using mixer apps to launder the funds.
  • Sentence: Pending investigation
  • Additional Penalties: Pending investigation
  • Investigating Agencies: FBI and U.S. Attorney's Office for the Eastern District of New York
  • Plea: No plea entered yet
  • Prosecutor's Statement: "Highlighted the financial professional's breach of trust and the significant impact on victims."

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Breakdown of the Timeline for this alleged scam:
  • Initial Attraction: ETHTrustFund initially attracted investors with promises of a unique rebase mechanism and plans to offer blockchain-based bonds.
  • Developer's Silence: Lead developer Peng ceased communication with the community in April 2024.
  • Rug Pull Execution: On July 20, 2024, ETHTrustFund transferred its entire treasury to a new wallet.
  • Laundering of Funds: The funds were moved through Tornado Cash and Railgun to obfuscate the trail.
Legal Implications:
The legal implications for ETHTrustFund DAO and its developer, Peng, include potential charges of fraud, money laundering, and securities violations. The market impact is significant, as this scam underscores the ongoing risks within the cryptocurrency space, necessitating stringent due diligence by investors. The platforms Tornado Cash and Railgun might face scrutiny for their role in laundering the stolen assets.
Summary:

In a concerning case for crypto investors, the ETHTrustFund DAO has been accused of orchestrating a $2 million rug pull. The project's developer, Peng, went silent and deleted all online accounts before transferring the treasury to a new wallet on July 20, 2024. The funds were laundered through mixer apps Tornado Cash and Railgun, as confirmed by Octoshi and security firm PeckShield. This incident highlights the persistent risks of rug pulls in the cryptocurrency market and the need for vigilant due diligence by investors.

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Entity Related Search Terms
ETHTrustFund DAO ETHTrustFund, DAO, cryptocurrency
Peng Developer, ETHTrustFund
Gemholic Crypto scam, rug pull
Ordiz Crypto scam, fraud
Octoshi Scam report, blockchain security
PeckShield Blockchain security, scam report
Chainabuse Scam reporting, crypto fraud
Base network Blockchain, crypto network
Tornado Cash Mixer app, money laundering
Railgun Mixer app, cryptocurrency laundering
Reference Source: [1] https://coinjournal.net/news/ethtrustfund-dao-accused-of-2m-rug-pull-in-latest-crypto-scam/

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Address:
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