$300 000 USD





"DEFIBase is a poorly built fork of the Base project. There was a problem with calling the Rebase function that returned the current token price to the initial one. The developers failed 280 transactions with a manual call to the price rebase function. The project team muted its chat and pulled 696 ETH from the general pool with several transactions" "made with ❤️ by Team DEFIBase"


"Rebasing is a crypto term popularized by Ampleforth. The basic idea is that the supply of a cryptocurrency can contract or expand based on demand, or certain price thresholds that traders must maintain."


"One coin, DeFiB, promised to be a rebasing coin based on Ethereum that would automatically gravitate toward the value of all DeFi tokens in circulation."


"Unfortunately, when the first rebase was slated to happen on Friday, it didn’t. The developers of the project suddenly went AWOL, deleting their Telegram and Twitter while users also noticed that around 600 ETH (~$300,000) worth of liquidity had been drained from the DeFiB pool."


"Weirdly, it appears that some of the lost funds were distributed back to those affected."

An anonymous development team launched the DEFIBase protocol, a smart contract which gave them full control over the token supply.


Instead of helping their users make a larger fortune, they decided to help themselves to all invested funds. This project was very small, so it was hard to determine the actual outcome.


Having known individuals controlling a multi-signature wallet prevents any one individual from making off with the funds. For proper security we recommend at least 3 signatures from reputable and trained individuals.


Check Our Framework For Safe Secure Exchange Platforms

Sources And Further Reading

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