The DeFi yield farm founders have supposedly withdrawn the tokens valuing more than $1 million as of Monday. The Treasury wallet was emptied. On Monday, It was reported by a crypto news agency named Crypto Briefing that it seems as a chalked-out plan for an exit scam having the value of more than $1 million.
During the previous market crash of cryptocurrency, the people involved in the establishment of Polywhale have been alleged to escape the controversy by rug pulling through trading over their tokens. On a Telegram group specified for the project, it has been disclosed by Polywhale Finance that the prominent causes behind the folding of the company included competition with the others, a negative outlook of the market, and poor token economy, whereas the members of the community have credited this abrupt exit to malignant targets.
The Polywhale Finance’s official group on Telegram has been closed for beginners once and for all, and the community members are mostly convinced that the program posed fraudulently. The latest Telegram Company known as Polywhale Rugged has been started by the disappointed community members since then where there is written in a pinned message that someone has emptied the wallet absolutely via filling the wallet of the developers with the extracted amount, which counted more than $1.04M.
On 9th June, 5M tokens had been contained by the wallet of Treasury, as said by a member naming “Exceptional.” During the first time of the day, a member of the community observed, whose name was “SK,” that the aforementioned Treasury wallet was diminished to only 1.6 million. As a result, the controllers banned him from the chartroom and deleted his post.
A message states that currently, at 12 am, according to UTC (Universal Time Coordinated), there is about $200,000 existing in the wallet. $1.4M from it is being transacted to the wallet of developers at the time of 1655 UTC. The ban of members from the platform, dwindling with the existing amount on the platform, and abrupt closing are the things indicating the suspicious activities on behalf of controllers.
It has been claimed on the official website of Polywhale that the firm comprises a total amount worth crossing $3.6B, which has been securely disseminated among several points across the entire platform. An anonymous firm is credited for launching the aforementioned yield farm in April 2021.