VERDICT —UNRATED
Verdict pending. Auto-ingested incidents are reviewed before a public verdict is rendered.
Root cause
Root-cause analysis not yet published. The incident description below contains all currently available signal — review the attack transaction directly for definitive forensics.
Forensic narrative
Umami Finance, a DeFi protocol on Arbitrum, offers yield products to institutional clients. On January 31, they announced they were suspending yields, saying they were concerned about regulatory tactics. Soon after, the project CEO started dumping tokens on the market, cashing out 44,000 UMAMI tokens. These were ostensibly priced at $800,000, and although the sell-off sent UMAMI prices crashing by more than 60%, the CEO still netted around $380,000 in USDC. Attack method (per SlowMist): Rug Pull. Reported loss: $ 380,000.
Primary source
https://protos.com/defi-protocol-umami-finance-sours-as-ceo-goes-rogue-and-core-team-quits/ ↗Sourced from
slowmist
Technical record
- chain
- arbitrum
- protocol
- Umami Finance
- bug_class
- rug
- date_occurred
- 2023-02-09
- loss_usd
- $380,000
- source_id
- sm:umami-finance::2023-02-09
Related — same bug class· rug