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Certik, a leading security-focused ranking platform unveiled an exit scam executed by OrdiZK, which took off around $1.4 Million worth of investor’s digital assets.
The story of scams and frauds in the crypto market isn’t new. As per Certik’s investigation on March 4, OrdiZK attempted an exit scam. The cross-chain bridge sold hundreds of millions of OZK tokens and vanished from the market.
Certik Investigation; All about the exit scam
On March 4, the exit scam by the OrdiZK team once again stirred the crypto market. The deployer intentionally dumped 489 Million OZK tokens on a decentralized exchange to collect $132,000 in return.
The action showcased a quick fall in OZK token price by 98%
The story continued on March 5, this time the cross-chain bridge sold OZK tokens worth $214,000. Result of this, the overall price of the respective token declined by 99% in a day.
Additionally, OrdiZK’s X social media handles including the X account, Telegram group, and related documents have been deleted.
This all happened by executing different functions on the contract that helped the deployer in exchanging tokens for Ether (ETH). Deployer executed the “execute” command on Uniswap’s Universal Router contract to exchange OZK tokens for ETH.
On March 4, the deployer exchanged over 489 million OZK for 35.65 ETH and swapped around 121 Million OZK for 0.93 ETH Uniswap’s OZK/ETH liquidity pool.
Moreover, 57.68 ETH were withdrawn by the deployer using the “emergencyWithdraw” command. Furthermore, overall $1.4 Million was transferred to three different wallets before making a final move.
As per blockchain data, $173,899.48 is in a “marketing wallet”, $1,037,125.98 in OrdiZK Deployer, and $263,482.20 in a “treasury wallet”.
In short, OrdiZK’s website and social media accounts have been deleted and OZK lost around 99% of its value.
Keeping the scenario in mind, it is clear that the year 2024 underwent several scams as Scammers already drew hundreds of millions of dollars in the past two months. Around $200 Million were swindled by the scammers.
Gambling protocol RiskOnBlast emerged as the first rug pull on the new blast network.
OZK Tokens’ current performance
OrdiZK cross-chain bridge was mainly designed for the transfer of ERC-20 to BRC-20 tokens and vice versa. Transactions with zero-knowledge proofs ensure financial security and maintain confidentiality throughout the bridging process.
The platform helps in enhancing liquidity. Its native token is OZK.
The token’s price at press time is $0.00002449 after a decline of 99.35% within a day with a market cap of $24,493. The 24-hour volume of the token is $304,423 which is up 327.90%. The total supply of the OZK token is 1,000,000,000 OZK and the self-reported circulating supply is 1,000,000,000 OZK.
Certik is a top security-based platform that examines and watches blockchain protocols and Decentralized Finance projects. The platform was launched in 2018 to improve the safety and dependability of smart contracts and blockchain networks.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
