• Blockchain security firm CertiK has frozen $160,000 of the stolen funds from the Merlin DEX rug pull.
• The Merlin insiders abused the owner’s wallet privileges during the internal rug pull which resulted in a loss of $1.8 million.
• CertiK is working with law enforcement and have submitted information to relevant US & UK agencies.
Merlin DEX Rug Pull
Blockchain security firm CertiK has revealed that it has frozen around $160,000, which was stolen during the Merlin DEX rug pull last week. Merlin, a zkSync-based decentralized exchange, fell victim to an insider rug pull resulting in a loss of $1.8 million.
Stolen Funds Blocked
The blockchain security firm and smart contract auditor shared the news of the freezing of funds via its official Twitter handle. According to CertiK, they tried to reach out and collaborate with members of the Merlin team but were unwilling to verify their true identities thus complicating efforts to aid victims of the rug pull. They are now focusing on working with law enforcement and have submitted information about this incident to relevant US & UK agencies as well as successfully freezing $160K of the stolen funds with help from partners.
Details Of Rug Pull
Merlin tweeted on its official handle that the rug pull was orchestrated by its back-end team adding that they had put a high degree of trust in their back end team while also continuing their support for the community and helping resolve this issue. Meanwhile CertiK took on some blame stating that they failed to adequately inform users about centralization risks thus putting more emphasis on such issues during future audits by improving clarity when providing audit summaries as well as better communication between them and users making sure they are aware of potential risks associated with any activity conducted through decentralised exchanges or services like these .
Law Enforcement Involvement
CertiK is monitoring all stolen funds in an attempt to freeze and recover any remaining amounts while also working with law enforcement agencies in both United Kingdom & United States for further investigations into this incident .
Conclusion
CertiK is making sure all measures are taken so no user gets scammed again by rogue actors through decentralised exchanges or applications . They plan on taking more precautionary steps when conducting audits regarding centralisation risks so users have full knowledge before engaging in any transactions using such services .