Cruiz Fake Token Rug Pull

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Cruiz Logo/Homepage

Cruiz proposes a blockchain-based ridesharing application, which aims to increase the economic efficiency of ridesharing. On April 22nd, a fake version of the CRUIZ token on the Binance smart chain had the liquidity rug pulled, netting $39k to the attacker.

This is a global/international case not involving a specific country.

About Cruiz

"Where Riders Save Big, Drivers Thrive, and Early CRUIZ'RS Reap the Rewards!"

"Cruiz is leading as the forfront platform in blockchain technologies to advance ridesharing for the people." "Cruiz an AI driven rideshare that utilizes DePIN technology"

"CRUIZ is an innovative transportation system that harnesses the capabilities of artificial intelligence (AI) to transform how we engage with ride-sharing platforms. CRUIZ offers a decentralized physical infrastructure network (DePIN) that provides high level security from cyber attacks and superior economic benefits, for riders and drivers alike, while also rewarding early adopters."

"$CRUIZ, the token within our ecosystem, delivers a smooth and gratifying experience for both drivers and riders. Within the CRUIZ ecosystem, we empower our community, cultivate loyalty, and propel ongoing growth and success within the ridesharing sector."

"The Fake Cruiz (CRUIZ) on BNBChain is suspected of a rug pull, and the current token price has dropped by 100%."

"Be aware of this token! Team of this token has sold at least 66.457 BNB."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

• Known history of when and how the service was started.
• What problems does the company or service claim to solve?
• What marketing materials were used by the firm or business?
• Audits performed, and excerpts that may have been included.
• Business registration documents shown (fake or legitimate).
• How were people recruited to participate?
• Public warnings and announcements prior to the event.

Don't Include:

• Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
• Anything that wasn't reasonably knowable at the time of the event.

There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

The Reality

This sections is included if a case involved deception or information that was unknown at the time. Examples include:

• When the service was actually started (if different than the "official story").
• Who actually ran a service and their own personal history.
• How the service was structured behind the scenes. (For example, there was no "trading bot".)
• Details of what audits reported and how vulnerabilities were missed during auditing.

What Happened

The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.

Key Event Timeline - Cruiz Fake Token Rug Pull

Date	Event	Description
April 22nd, 2024 10:35:22 AM MDT	Token Swap Transaction	100,783,903,248,812.007270531141077881 fake Cruiz is swapped for 66.45665343882030679 wrapped BNB, worth ~$39k.

Technical Details

This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

Total Amount Lost

The total amount lost has been estimated at $39,000 USD.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

Immediate Reactions

How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

Ultimate Outcome

What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

Total Amount Recovered

There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

Ongoing Developments

What parts of this case are still remaining to be concluded?

Individual Prevention Policies

No specific policies for individual prevention have yet been identified in this case.

For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.

Platform Prevention Policies

Policies for platforms to take to prevent this situation have not yet been selected in this case.

For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.

Regulatory Prevention Policies

No specific regulatory policies have yet been identified in this case.

For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.