CertiK Freezes $160K Stolen in Merlin DEX Rug Pull
• Blockchain security firm CertiK has frozen around $160,000 stolen during the Merlin DEX rug pull last week.
• The loss was caused by an insider rug pull resulting in a total of $1.8 million lost.
• CertiK is working with law enforcement and attempting to freeze and recover the remaining amount of the stolen funds.
Merlin DEX Rug Pull
The Merlin DEX fell victim to an insider rug pull resulting in a loss of $1.8 million. Blockchain security firm CertiK has frozen around $160,000 of the stolen funds with the help of partners and will continue to monitor the movement of all stolen funds in an attempt to freeze and recover the remaining amount.
Lack of Cooperation Complicates Efforts
CertiK attempted to collaborate with the remaining members of the Merlin team but they were unwilling to verify their true identities, complicating efforts to aid victims of the rugpull. As a result, CertiK is focusing on working with law enforcement and has submitted information to relevant US & UK agencies.
Merlin tweeted that it had put a high degree of trust in its back-end team who orchestrated the rugpull and that it would continue to support its community and help resolve any issues regarding this incident.
certik also took some blame for not adequately informing users about certain risks associated with centralization, stating that they would put more emphasis on such issues during future audits by improving clarity in audit summaries and communicating better with the community about purposeful audits.
Despite identifying those responsible for orchestrating this major incident, recovering all stolen funds may prove difficult due to lack of cooperation from core team members at Merlin as well as centralized management decisions which allowed this event occur in first place . However, blockchain security firms such as Certik are doing their best by freezing what they can while working alongside law enforcement agencies in order uncover further developments regarding this unfortunate situation.