{"id":193533,"date":"2021-06-24T05:00:19","date_gmt":"2021-06-24T04:00:19","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=193533"},"modified":"2021-06-23T19:19:20","modified_gmt":"2021-06-23T18:19:20","slug":"developer-rug-pulls-ethereum-defi-project-sharedstake-sgt-token-falls-95","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/developer-rug-pulls-ethereum-defi-project-sharedstake-sgt-token-falls-95\/","title":{"rendered":"Developer &#8216;rug pulls&#8217; Ethereum DeFi project SharedStake, SGT token falls 95%"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Decentralized <\/span><a href=\"https:\/\/cryptoslate.com\/eth-2-0\/\"><span style=\"font-weight: 400;\">Ethereum 2.0<\/span><\/a><span style=\"font-weight: 400;\"> staking protocol SharedStake has a developer on the loose that used the admin key and exploited the protocol\u2019s governance token SGT.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As the price of SGT plummets 95%, other team members are urging users to withdraw all funds and wait for further updates.<\/span><\/p>\n<h2><strong>Rug pull<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">While warning users to exit SharedStake\u2019s liquidity mining contracts and the Saddle pool <\/span><a href=\"http:\/\/eth\"><span style=\"font-weight: 400;\">ETH<\/span><\/a><span style=\"font-weight: 400;\">-vETH2, the team said it identified the developer responsible for the exploit.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">PSA: A rogue dev from SharedStake has pulled the rug. Withdraw all SGT and vETH2 liquidity ASAP. <a href=\"https:\/\/t.co\/DjmZwQBnGe\">pic.twitter.com\/DjmZwQBnGe<\/a><\/p>\n<p>&mdash; Mudit Gupta (@Mudit__Gupta) <a href=\"https:\/\/twitter.com\/Mudit__Gupta\/status\/1407621509921742850?ref_src=twsrc%5Etfw\">June 23, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Saddle is an automated market maker for trading between pegged value cryptos and seems to have its contracts unaffected. Even though vETH2, a yield-bearing token with a 1:1 price ratio to Ethereum, is still safe, the loss of confidence in SharedStake spurred fears that the incident could lead to vETH2 losing peg.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Several people <\/span><a href=\"https:\/\/github.com\/gobitfly\/eth2-beaconchain-explorer\/pull\/524#issuecomment-752912686\"><span style=\"font-weight: 400;\">raised<\/span><\/a><span style=\"font-weight: 400;\"> red flags about the protocol in the past, suspicious about the developers\u2019 anonymity and lack of transparency on the project\u2019s website.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The confidence in the protocol wasn\u2019t boosted with its Twitter account getting <\/span><a href=\"https:\/\/twitter.com\/SharedStake\"><span style=\"font-weight: 400;\">suspended<\/span><\/a><span style=\"font-weight: 400;\"> either.<\/span><\/p>\n<h2><strong>Circulating rumours<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Some of the members of the <\/span><a href=\"http:\/\/defi\"><span style=\"font-weight: 400;\">DeFi<\/span><\/a><span style=\"font-weight: 400;\"> community are trying to crack the case on their own, retracing the steps and pointing to possible pending concerns.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24SGT&src=ctag&ref_src=twsrc%5Etfw\">$SGT<\/a> just got rugged today before new multisig addresses were added.<\/p>\n<p>h\/t to WeebMcgee on discord for doing a dive on this. Smart Timelock was bypassed and hacker also tried to exploit all other dev&#39;s vesting contracts. So far vETH2 is still secure but there are concerns<\/p>\n<p>1\/2 <a href=\"https:\/\/t.co\/hMQJwHyX39\">pic.twitter.com\/hMQJwHyX39<\/a><\/p>\n<p>&mdash; Wannabe Researcher (@wassiecapital) <a href=\"https:\/\/twitter.com\/wassiecapital\/status\/1407600606018084868?ref_src=twsrc%5Etfw\">June 23, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">In the meantime, the protocol\u2019s developers are accusing the alleged insider:<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Here\u2019s the announcement from a ShareStake dev about the inside job they suffered. Take it with a grain of ?.<\/p>\n<p>Very ugly. I have a lot of questions. I will look more closely today. <a href=\"https:\/\/twitter.com\/hashtag\/DeFi?src=hash&ref_src=twsrc%5Etfw\">#DeFi<\/a> <a href=\"https:\/\/t.co\/LUwsz8JJH4\">pic.twitter.com\/LUwsz8JJH4<\/a><\/p>\n<p>&mdash; Chris Blec | DeFi Watch (@ChrisBlec) <a href=\"https:\/\/twitter.com\/ChrisBlec\/status\/1407680390291197953?ref_src=twsrc%5Etfw\">June 23, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Concern about the rise of crypto exit scams and DeFi rug pulls just got boosted by another exploit, for which the losses have yet to be counted.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, it\u2019s possible to recall the past week's damage caused by the most recent incidents in the ecosystem.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Second-largest ETH2 staking pool <\/span><a href=\"https:\/\/cryptoslate.com\/second-largest-eth2-staking-pool-sues-fireblocks-after-75-million-ethereum-blunder\/\"><span style=\"font-weight: 400;\">StakeHound<\/span><\/a><span style=\"font-weight: 400;\"> temporarily paused all transfers for the tokenized form of staked Ethereum, stETH, in the aftermath of losing private keys, <\/span><a href=\"https:\/\/cryptoslate.com\/defi-hacks-on-binance-smart-chain-continue-as-impossible-finance-drained-for-500k\/\"><span style=\"font-weight: 400;\">Impossible Finance<\/span><\/a><span style=\"font-weight: 400;\"> protocol on the Binance Smart Chain has been exploited for $500,000 in a flash loan attack and <\/span><a href=\"https:\/\/cryptoslate.com\/titan-falls-nearly-100-in-latest-polygon-defi-exploit\/\"><span style=\"font-weight: 400;\">Iron Finance<\/span><\/a><span style=\"font-weight: 400;\"> share token TITAN fell nearly 100% during a panic sell.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Is this announcing the end of the flippening narrative or is it just a part of it\u2019s <\/span><i><span style=\"font-weight: 400;\">wild west<\/span><\/i><span style=\"font-weight: 400;\"> chapter?<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Decentralized Ethereum 2.0 staking protocol SharedStake has a developer on the loose that used the admin key and exploited the protocol\u2019s governance token SGT. As the price of SGT plummets 95%, other team members are urging users to withdraw all funds and wait for further updates. Rug pull While warning users to exit SharedStake\u2019s liquidity [&hellip;]<\/p>\n","protected":false},"author":699,"featured_media":193537,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46940,61713,9836],"tags":[76128],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Developer &#039;rug pulls&#039; Ethereum DeFi project SharedStake, SGT token falls 95%<\/title>\n<meta name=\"description\" content=\"Staking protocol SharedStake has a developer on the loose that used the admin key and exploited the protocol\u2019s governance token SGT.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/developer-rug-pulls-ethereum-defi-project-sharedstake-sgt-token-falls-95\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Developer &#039;rug pulls&#039; Ethereum DeFi project SharedStake, SGT token falls 95%\" \/>\n<meta property=\"og:description\" content=\"Staking protocol SharedStake has a developer on the loose that used the admin key and exploited the protocol\u2019s governance token SGT.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/developer-rug-pulls-ethereum-defi-project-sharedstake-sgt-token-falls-95\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-24T04:00:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-06-23T18:19:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/06\/rugpull-sharedstake-sgt.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ana Grabundzija\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ana Grabundzija\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/developer-rug-pulls-ethereum-defi-project-sharedstake-sgt-token-falls-95\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/developer-rug-pulls-ethereum-defi-project-sharedstake-sgt-token-falls-95\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/#person\",\"name\":\"Ana Grabundzija\",\"url\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/cs-author-ana-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/cs-author-ana-300x300.jpg\",\"caption\":\"Ana Grabundzija\"},\"jobTitle\":\"Journalist\",\"description\":\"Dr. Ana Grabundzija is a Zagreb-bred writer with an academic background in anthropology. 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