Hacker El Dorado Exchange ($EDE) On Arbitrum Unmasking Project Price Fraud
Central issues:
- A white cap programmer has uncovered the cost control stunt of the El Dorado Trade ($EDE) project group based on Arbitrum.
- This individual contributed a small amount of assets to the ELP-1 pool via Arbitrum, but they soon withdrew $580,000.
- The EDE group has conceded to controlling costs, yet with the dynamic motivation behind putting programmers on the task blocklist, not fully intent on cheating.
The hacker sent a small amount of assets to the ELP-1 pool on Arbitrum and withdrew $580,000 shortly after. However, the purpose of this hacker is to expose the scam of El Dorado Exchange (EDE).
As indicated by the report, a programmer showed up recently, sending a modest quantity of resources for the ELP-1 pool on Arbitrum and pulling out $580,000 soon after. In addition, the hacker left a message claiming not to be a blackhat.
The hacker left a series of messages alleging fraud against the EDE team, indicating that the project could use a “backdoor” for price manipulation to instantly liquidate user positions.
“ede admins created a bot to force liqudate any position of their choice when ever they like ask the admins about it, see if they lie to you.”
If the EDE team admits it, the hacker promises to return the aforementioned assets while keeping only 10% as a white hat fee. And afterward 334,000 USDC was returned.
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The El Dorado Exchange team admitted manipulating prices after receiving the warning, but they did so to protect user assets, put hackers on the project’s blacklist, and not cheat. However, officials from the EDE have not yet provided an official response on social media.
The EDE token is still bottomless in a drop of over 40% and is currently trading at $1.3 before settling at $2.2.
