Truflation Fake Token Rug Pull

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Truflation Logo/Homepage

The truflation project aims to aggregate data from around the world to create true feeds of data such as inflation, and has since expanded into a number of other metrics. The project launched a blockchain-based token in late March, and so did a copy-cat. The copy-cat token achieved liquidity of more than 52 ETH or $257k, which was subsequently drained.

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

About Truflation

"Decentralized Infrastructure For Real World Asset Metrics"

"RWAs are about to bring massive sums of money on-chain. This shift not only promises to enhance liquidity within digital markets but also aims to bridge the gap between TradFi assets and DeFi technology, enabling a more inclusive and versatile financial landscape."

"Precise and up-to-date information ensures that digital representations of real-world assets are accurate, trustworthy, and capable of fostering confidence among investors."

"In an era where skepticism towards official data and statistics is growing, the demand for transparent, decentralized, and verifiable data sources is more pressing than ever."

"Fake Truflation 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 72.924 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.

Key Event Timeline - Truflation Fake Token Rug Pull

Date	Event	Description
January 24th, 2024 10:03:58 AM MST	First Mention Of Token	The first mention of the token is described in a large article on the Truflation blog.
March 26th, 2024 10:23:58 AM MDT	Truf Information Released	Information on the Truf token is released for the first time on the Truflation website in a blog post.
March 26th, 2024 11:14:00 AM MDT	Truf Twitter Promotion	High level summary information is shared via Twitter along with a link to the blog post.
March 27th, 2024 12:59:00 AM MDT	Impossible Finance Early Access	Early access to the Truf token through Impossible Finance is mentioned by Truflation via Twitter.
April 9th, 2024 3:05:00 AM MDT	Actual Token Launched	The actual Truf token is launched an announced on Twitter.
April 10th, 2024 3:38:47 AM MDT	Uniswap Liquidity Pulled	The full amount of liquidity is pulled from the fake Truflation smart contract.
April 19th, 2024 10:14:00 AM MDT	First 7 Day Chart	The real Truf token earns it's first 7 day chart.

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 $257,000 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.