Ordinals Finance carries out $1M exit scam Ordinals Finance carries out $1M exit scam
The project is not officially associated with Bitcoin's Ordinals protocol.
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Updated: Aug. 4, 2023 at 3:21 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ordinals Finance has carried out an exit scam resulting in the theft of $1 million, blockchain security firm CertiK said April 24.
The project’s deployer address has emptied Ordinals Finance’s smart contracts, swapped the project’s token (OFI) for Ethereum (ETH), and consolidated funds in one account. The project has also deleted its website and all social media.
Ordinals Finance claimed it would build a protocol for developing decentralized finance (DeFi) applications on Bitcoin. It supposedly aimed to introduce applications for lending, borrowing, staking, farming, and swapping on Bitcoin’s Ordinals protocol.
The project used Ethereum to create its native OFI token despite its claims that it would ultimately leverage the Bitcoin blockchain.
The price of the OFI token is down 94% over the past hour.
Ordinals Finance is not officially associated with Bitcoin Ordinals, which remains active and is used to mint collectible items via on-chain inscriptions.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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