$253 000 USD

APRIL 2024

GLOBAL

AVOLEND FINANCE

DESCRIPTION OF EVENTS

"Avolend is a decentralized collateralized lending protocol built on Blast Chain. The protocol aims to provide investors with an innovative way to earn reward tokens - AVO, by participating in lending activities. The core functionality of Avolend allows users to leverage their assets as collateral to obtain borrowing funds."

 

"@Avolend_Finance is a decentralized lending protocol that provides wide range of financial services to individuals and institutions #Avolend aims to provide investors with an innovative way to earn reward tokens."

 

"In the Blast ecosystem, the project Avolend Finance is suspected to be a rug pull. Currently, its official website and Twitter account cannot be accessed."

 

"I don't know what to say but I am one of the biggest victims from this rug by Avolend on @Blast_L2. Lost near 100k in there.

 

Not much to explain; was my fault for diversifying into a risky lending protocol. I knew the risk involved, hence I did not share it publicly or privately, but unfortunately, the money is gone.

 

Wonder if @zachxbt can help me trace him down somehow. Already forwarded him everything I know."

Avolend Finance launched on the hot new Blast Protocol and quickly grew to one of the largest projects on the network. The project was officially linked on the Black Protocol homepage, gained listing on AscendEx and CoinGecko, and promoted a partnership with RogueX. They claimed to have been audited by the blockchain security firm BlockApex, however BlockApex came out to deny any auditing was performed. The project finally rug pulled by using their smart contract to create fake collateral and take out a large loan, which was then bridged out of the Blast ecosystem. Websites, tweets, and all other form of media appear to have been deleted. RogueX came out after the rug pull to make clear that they had not completed any KYC and had only had a Telegram discussion.

Sources And Further Reading

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