Cronos-Based Algorithmic Lending Protocol Rug Pulls $600K From Users

CroLend, presenting itself as an algorithmic, autonomous lending protocol built on top of the Cronos network, has deleted all social media pages, the website doesn’t work, and its TVL has been drained to $0.

This prompted the community to argue that this is the latest example of a rug pull in the space.

• Citing user information, PeckShield took it to Twitter earlier to inform that all relevant posts and sites associated with CroLend have been erased.
• These include the Twitter account and Medium posts, while the website doesn’t work as of writing these lines.
• According to DeFiLlama, the Total Value Locked on CroLend Finance has plummeted to $0 after peaking at almost $600,000 earlier.

#PeckShieldAlert A PeckShield community contributor has reported that @Crolend_io on @cronos_chain seems to be rugpull. @Crolend_io already deleted its social accounts/groups and the website is down
The stolen funds are sit in https://t.co/1GVBJLcYcy pic.twitter.com/cgMGNXyZZa

— PeckShieldAlert (@PeckShieldAlert) December 2, 2022

• Rug pulls are a rather common red dot in the cryptocurrency industry. As the name suggests, it’s basically an event in which the team behind the project siphons all the funds that have been deposited by users.
• The number of such internal exploits has grown exponentially in the past few years, as previously reported.