Oasis AI Fake Token Rug Pull
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Oasis AI is a tool that allows individuals to get paid for putting their GPU to use in generating AI images or responses for other users, and to purchase the computing power of others in the network. This is made easy to do through a browser extension. A fake token which was impersonating the Oasis AI project was launched and managed to build up 82 ETH of liquidity before the creator of the token drained it all.
This is a global/international case not involving a specific country.[1][2][3][4][5]
About Oasis AI
"AI inference powered by decentralized compute Oasis is an omnichannel AI network with services for compute providers, AI model users, and enterprise clients"
"Quickly install and begin providing compute through our easy-to-use browser extension.
Unleash the potential of AI models at a minimal cost. Connect, create, and even earn with our unique platform. The Oasis platform offers AI services such as chat assistants, image generators, and speech to text. Users can earn $OAI by connecting to our network and leveraging existing GPU and CPU resources to power supported models."
"Users can quickly and efficiently access top models across LLM's, Image gens, and other AI tools at their fingertips through our Oasis platform. As open-source models continue to improve at a rapid pace, our decentralized network allows Oasis to continue providing inference at scale with frequent updates to our offerings for consumers. "
"Through our browser extension and desktop run-time, users can quickly onboard, schedule, and provide compute at their convenience without any barriers or continued maintenance. Simply signup, install, and begin contributing to the largest decentralized compute network. "
"Fake Oasis AI on ETH is suspected of a rug pull, with the deployer removing substantial liquidity, causing a 100% price decline."
"Be aware of this token! Team of this token has sold at least 85.382 ETH."
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.
| Date | Event | Description |
|---|---|---|
| April 10th, 2024 12:12:47 AM MDT | Rug Pull Transaction | The final rug pull transaction swaps 1,603,040,020,640,000 of the fake Oasis AI token for 85.381976830648814236 wrapped ethereum. |
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 $302,000 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.
References
- ↑ SlowMist Hacked - SlowMist Zone (May 1, 2024)
- ↑ https://www.dextools.io/app/en/ether/pair-explorer/0x5d0d79b541f50cf26c31428953be44205da8b675?t=1714774099917 (May 3, 2024)
- ↑ Ethereum Transaction Hash (Txhash) Details | Etherscan (May 3, 2024)
- ↑ Oasis AI (May 3, 2024)
- ↑ Introducing Oasis | Oasis AI (May 3, 2024)