ZachXBT: Sorta Finance may have an exit scam, it is recommended not to use the protocol
ZachXBT posted on X platform that Sorta Finance may be involved in an exit scam and advises against using the protocol. It is reported that the fraudsters have previously used scams such as Magnate, Kokomo, Lendora, Solfire, Crolend, HashDAO to steal over $25 million. The protocol operates by forking Compound V2 on various EVM chains. It is said that once the protocol's TVL reaches a sufficient amount, they will suspend withdrawals/borrowing and restrict all users.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Prediction Market Shows 75% Chance of New Country Buying Bitcoin This Year
Frax community approves frxUSD stablecoin backed by BlackRock's BUIDL
According to RWA.xyz, BlackRock's USD Institutional Digital Liquidity Fund has over $648 million in assets under management. The Frax community has voted to pass FIP-418 to use BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) as backing collateral for the Frax-USD (frxUSD) stablecoin. A