According to Blockchain security firm Certik, a rug pull took place on the Bitcoin Bridge OrdiZK. Certik is talking about the $1.4 million rug pull. Following this development, the altcoin price dropped to zero. Now, $1.4 million is consolidated in three wallets controlled by OrdiZK developers. With this development, the OZK token lost more than 99 percent of its value. Meanwhile, OrdiZK was collecting sales tax on all transactions throughout its lifecycle.
Altcoin price dropped to zero with rug pull!
OrdiZK, a project that set out to be a bridge between Bitcoin, Ethereum and Solana Blockchains, appears to have committed an ‘exit scam’ with developers withdrawing more than $1.4 million from separate wallets, according to Blockchain security firm CertiK. OrdiZK website and social media accounts are offline. Additionally, the protocol’s native token (OZK) lost more than 99% of its value.
‘‘Exit scam’ and the history of the project
CertiK said OrdiZK committed an exit scam by selling tokens and calling an “emergencyWithdraw” function to remove Ethereum (ETH) from the project. Scammers consolidated ETH into three wallets. These are: The project has $1.03 million worth of ETH in its distributor wallet, $262,000 in its treasury wallet, and $173,000 in its marketing wallet.
Its developers initially designed the bridge to allow the transfer of BRC-20 tokens to ERC-20 and vice versa. The altcoin price rose to an all-time high of $0.0107 in December during a period of market frenzy focused on Bitcoin-based NFT project Ordinals. CertiK added that OrdiZK acquires ETH by imposing a sales tax throughout its lifecycle.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!