The native token of the Chibi Finance project, CHIBI, has dropped 99% since the report that the team behind the project has stolen over $1 million from various investors. The decentralized finance (DeFi) project was recently launched and operates on Arbitrum's Layer 2 network.
At the time of publication, the price of Chibi Finance is quoted at $0,00964534, down 5.1% in the last 24 hours. The token is down 99,40% in price from the past two days when it reached $1,62 on June 26.
A security firm PeckShield reported on June 27 that were drained from the liquidity pools of the 555 Ethereum (ETH) platform, which amounts to $1 million.
PeckShield pointed out that Chibi Finance took tokens from users present on its platform and converted them into Ethereum. The allegedly stolen funds were funneled from the Arbitrum network to Ethereum and sent through Tornado Cash.
In the midst of the alleged theft of funds, Chibi Finance's social networks, Twitter and Telegram, as well as the project's website, chibi.finance, "disappeared" and are deactivated.
