Orbiter Finance Denies Rug Pull Accusations

Orbiter Finance Denies Rug Pull Accusations

Introduction

Cross-chain bridge Orbiter Finance has refuted rumors of a rug pull, citing a loss of access to their Discord account as the reason for delayed responses to the community. They assured that the project and user assets remain safe.

Background

On the evening of October 3rd, the cryptocurrency community on X (Twitter) circulated information suggesting that the cross-chain bridge Orbiter Finance might be experiencing issues. Users reported delays in processing withdrawal transactions, lack of support response, and the deletion of the administrator's Discord account.

The rapid spread of these rumors led to speculation that the project might be executing a "rug pull." This term refers to a scam where developers abscond with investors' funds. Consequently, users were advised to disconnect their wallets from Orbiter to avoid potential risks.

Orbiter Finance's Response

Orbiter Finance subsequently updated their Twitter account, stating that the project is operating normally, user assets are secure, and there have been no reported security breaches.

The cross-chain bridge explained that transaction delays could be due to users deleting the destination blockchain identifier or network instability. Orbiter assured that they are working to resolve pending transactions as quickly as possible.

Regarding the lack of support on Discord, Orbiter claimed that their account was blocked by the social platform for unknown reasons. The project is currently liaising with Discord to rectify the issue.

Orbiter Finance acknowledged shortcomings in their customer support, leading to communication breakdowns and unwarranted rumors. They emphasized the importance of users avoiding certain actions, such as accidentally deleting the destination identifier, to ensure smooth transaction processing.

About Orbiter Finance

Orbiter Finance is a cross-chain bridge favored for its ability to connect multiple Ethereum-compatible blockchains. It currently supports Base, Linea, zkSync, Starknet, Arbitrum, Optimism, BNB Chain, Mantle, Polygon, among others.

Conclusion

Despite the recent controversy, Orbiter Finance remains committed to providing secure and efficient cross-chain services. The project's swift response to the rumors and their ongoing efforts to address user concerns reflect their dedication to maintaining trust within the cryptocurrency community.