HOPE FINANCE

DESCRIPTION OF EVENTS

"The $HOPE algorithmic token serves as the backbone of a rapidly growing ecosystem aimed at bringing liquidity and new use cases to the Arbitrum network.

The protocol's underlying mechanism dynamically adjusts $HOPE's supply, pushing its price up or down relative to the price of $ETH."

"Unlike previous algorithmic tokens, $HOPE is not pegged to a stable coin— it is instead pegged to $ETH. Hope Finance believes in the potential of the Arbitrum network, and has chosen to align its mission to both provide value to and derive value from $ETH's future growth. In addition to existing and future use cases such as ETH Pad, $HOPE aims to make ETH the main medium of exchange on the Arbitrum network: this will be achieved by providing a mirrored, liquid asset to $ETH.

One of the primary shortcomings of past algorithmic tokens has been a lack of use cases, leaving no good reason for somebody to want to use or hold them. In order to successfully maintain the peg in the long-run, the Hope Finance team will maintain a focus on innovation around enhanced functionality and use cases."

"We are presented on #Apeoclock! Hype hype hype!"

"Attention all Genesis investors! Ownership has been renounced, making it safe to deposit and refer friends to earn referral profit. Don't miss out on this opportunity!"

"Exciting news for crypto traders! Genesis starts in just 30 minutes, and we're thrilled to announce that leverage trading will be available during the genesis. Get ready to maximize your gains with $wETH and $HOPE trading on our platform!" #trading #DeFi #genesislaunch #yield"

"The project had two audits prior to launch, by Cognitos (the code passed despite auditors flagging two ‘major’ issues, neither of which related to the mechanism used to rug) and AuditRateTech (who appear to have deleted the audit report, although a KYC certificate still remains on their site)."

"HOPE FINANCE HAS SUCCESSFULLY COMPLETED KYC BY AUDIT RATE TECH."

"Funds were drained (~$800k in WETH and ~$1M in USDC) from GenesisRewardPool contract at launch."

"In preparation for the @hope_fin exit scam, a fake router was deployed in txn 0xf188.

The SwapHelper was then updated to use this fake router in txn 0xc9ee. This txn was approved by all 3 owners of Hope’s multisig 0x8ebd.

In txn 0x1b47, _swapExactTokenForTokens variable was set to wallet address, 0x957D.

When GenesisRewardPool.openTrade() is called to borrow USDC, GenesisRewardPool transfers WETH to TradingHelper to convert to USDC.

Instead of swapping, USDC was sent to 0x957D.

As the _uSDC address was deliberately left empty, the receiving address (0x957D) was passed to v2 and the swapExactTokensForTokens() transferred 477 WETH to 0x957D."

"SCAMMER!!!! HE SCAMMED COMMUNITY FOR 2 MLN DOLLARS"

"While the official story may be of a dev gone rogue, the tx preparing the rug was approved by all three accounts on the team’s multisig. And faked KYC is not hard to come by."

"For users, the situation seems…

Hopeless."

"It’s possible that this case will end in whoever is responsible being brought to justice…

But don’t get your Hopes up."

Explore This Case Further On Our Wiki

Hope Finance is an ecosystem built on the Arbitrum network and its token $HOPE is dynamically adjusted relative to the price of $ETH, instead of being pegged to a stable coin. The team aimed to make $ETH the main medium of exchange on the Arbitrum network by providing a mirrored, liquid asset to $ETH. The project underwent two audits prior to launch and completed KYC by Audit Rate Tech. However, during the Genesis launch, funds were drained from the GenesisRewardPool contract, and it appears to have been a scam orchestrated by the project's team. The team approved the transaction preparing the rug, and faked KYC is not hard to come by. Therefore, the situation seems hopeless, and users should not get their hopes up.

Rekt - Hope Finance - REKT (May 3)
@Hope_fin Twitter (May 3)
@Hope_fin Twitter (May 3)
@Hope_fin Twitter (May 3)
@Hope_fin Twitter (May 3)
@Hope_fin Twitter (May 3)
@Hope_fin Twitter (May 3)
Arbitrum Transaction Hash (Txhash) Details | Arbiscan  (May 3)
Home - HOPE FINANCE (May 3)
KYC/Doxx Verification Certificate - Audit Rate Tech (May 3)
https://auditrate.tech/certificate/scam/Hope_Finance_ID.jpg (May 3)
Hope Finance Farming Contract - Audit | Smart Contract Security Audit (May 3)
@DividendMiracle Twitter (May 3)
Contracts & Wallets - HOPE FINANCE (May 3)
Arbitrum Transaction Hash (Txhash) Details | Arbiscan  (May 3)
Worldwide crypto & NFT rug pulls and scams tracker - Comparitech (Dec 15)

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