Uniswap Developer Fired for "Rug Pulling" 14 ETH on Base
A Uniswap developer has been terminated after being caught inappropriately "rug pulling" 14 ETH on the layer-2 Base network.
Incident Overview:
- Event: On 12/08, the crypto community on Twitter reported that a developer working for Uniswap, a leading DEX on Ethereum, had conducted a rug pull involving a memecoin they created on Base.
- Details: The Twitter account AzFlin created a memecoin called Frenstech (FRENS) on Base, which garnered some attention. However, just 1 hour and 15 minutes later, AzFlin rug pulled the project by withdrawing all liquidity into their personal wallet. The total amount withdrawn was 14 ETH, approximately $26,000.
Frenstech (@FrensTech) $FRENS was deployed a few hours ago by the dev, @AzFlin a Uniswap employee.
— 👀 (@UniswapVillain) August 12, 2023
One hour and four minutes ago he effectively rugged the project moving 14 ETH off of Base chain through HOP. https://t.co/UUpz1PYXLQ
Multiple people have confirmed he is the dev… pic.twitter.com/xMyQxbqj0f
Community Reaction:
- Identity Revealed: It was revealed that AzFlin was a developer at Uniswap, which puzzled many in the community given their position.
- AzFlin's Defense: In a Twitter post, AzFlin claimed they only withdrew the FRENS tokens they had personally purchased and provided liquidity for, asserting full control over those tokens. AzFlin argued that this action did not constitute a rug pull.
Addressing this ridiculous FUD right now.
— AzFlin (@AzFlin) August 12, 2023
Yes I made this token. NO - I DID NOT RUG.
Liquidity was locked from the start. I removed 1ETH worth of liquidity that I provided with funds from my own dev wallet. https://t.co/np5Jxji9TZ
Uniswap's Response:
- Official Statement: By the early hours of 13/08, Uniswap founder Hayden Adams confirmed that AzFlin was indeed associated with the DEX and had engaged in improper behavior. Adams also announced that Uniswap would no longer collaborate with this developer.
Wanted to let people know this person is no longer with the company.
— Hayden Adams 🦄 (@haydenzadams) August 12, 2023
Not behavior we support or condone. https://t.co/sxVowwIR3Q
Base Network Context:
- Base's Popularity: Although it has only been live for a few weeks, Base has quickly attracted significant interest from the crypto community, with over $150 million in assets transferred to the network in a short period. The platform has become a hotspot for various DeFi solutions and memecoins, such as the BALD memecoin, which also experienced a rug pull.
- Frenstech Memecoin: AzFlin’s memecoin, Frenstech, was named after friend.tech, a Web3 social media project currently generating substantial hype on Base.
The incident highlights the ongoing risks within the rapidly growing and evolving DeFi space. Despite the excitement surrounding new platforms like Base, users must remain vigilant and conduct thorough research to avoid falling victim to such schemes.
