Home Finance Suspected $4M ‘Exit Rip-off’ as Kokomo Finance flies off the radar, token plunges

Suspected $4M ‘Exit Rip-off’ as Kokomo Finance flies off the radar, token plunges

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Suspected $4M ‘Exit Rip-off’ as Kokomo Finance flies off the radar, token plunges

Optimism-based lending protocol Kokomo Finance has been suspected of a $4 million “exit rip-off” that noticed customers’ funds withdrawn from the platform through a intelligent contractual loophole.

Blockchain safety firm CertiK alerted its followers to the “exit rip-off” in a March 26 tweet, noting that the Kokomo Finance (KOKO) token had dropped 95% in worth inside minutes.

Kokomo Finance has both deactivated or deleted its Twitter account. Supply: Twitter
Modifications to the KOKO good contract code started round 09:00 UTC on March 26. Supply : Bullish Etherscan
The worth of the Kokomo Finance token, KOKO, fell over 97% round 4:10 p.m. UTC time on March 26. Supply : CoinGecko
Kokomo failed all elements of its good contract audit, which was reviewed by 0xGuard in March. Supply: GitHub

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