- RugDoc advised followers to withdraw funds from ArbiSwap over an identified RugPull.
- The RugPull involves the swapping of a significant contract containing the “recoverToken” function.
- ArbiSwap users are advised to avoid accessing the platform through the website.
RugDoc, the famous DeFi safety and education community raised the alarm over an ongoing rug pull on ArbiSwap, an acclaimed native utility layer on Arbitrum. In a Twitter post, the organization advised its followers to withdraw their funds from ArbiSwap and revoke existing approvals as soon as possible.
According to RugDoc, the thief swapped a significant contract containing the “recoverToken” function. It replaced the original contract with an alternative used to siphon investors’ funds.
RugDoc confirmed that members of its community who deposited into the initial contract on ArbiSwap had nothing to worry about. However, it advised them to interact directly with the contract by exploring the emergency withdrawal and “revokeToken” feature for funds’ protection.
In embarking on funds withdrawal, RugDoc advised ArbiSwap users to avoid using the front-end routes on the project’s website. According to RugDoc, all available channels on ArbiSwap’s website have been linked to the external wallet stealing their tokens. Hence, it advised users seeking to withdraw their funds to use the “write” function.
ArbiSwap claims to be an arbitrage tool for cryptocurrencies that monitors over 800 coins across popular crypto exchanges. It also claims to provide real-time trading signals to users by sending them emails as soon as it identifies trading opportunities.
As of the time of writing, ArbiSwap was silent over the event. It did not mention the incident on its website or any of its social media channels. Responders under RugDoc’s alert asked for guidance on how to use the “write” function to withdraw their funds.