Developers have rug pulled the ETHTrustFund project on the Base network, resulting in $2 million in investor losses. The funds were moved from the treasury to a new wallet, initially flagged by crypto community figure Octoshi.
Octoshi highlighted suspicious fund transfers and the project’s sudden inactivity. The developer, “Peng,” had been unresponsive for three months after raising over $2 million. Following the theft, the project’s website went offline, and social media accounts were deleted.
ETHTrustFund had marketed itself as an OHM fork, leveraging the excitement around the Base network. Blockchain security firm PeckShield confirmed the rug pull, noting the use of Tornado Cash and Railgun to obscure fund trails. Etherscan data showed the developer siphoned exactly 607 ETH, equivalent to $2.1 million.
Base has seen multiple rug pulls recently, including a $6.4 million loss from Magnet Finance last August. The strategic importance lies in highlighting security risks within burgeoning crypto networks, emphasizing the need for vigilance.
