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Blockchain analyst Specter stated that CodexField is likely carrying out a ‘rug pull’ (fraudulent withdrawal of funds), having tracked more than $85 million in suspicious user funds across several blockchains.

Specter identified a deposit contract and transfers between different networks, but these allegations have not yet been confirmed: neither CodexField nor BNB Chain has provided an official response to these findings.

These allegations have drawn intense scrutiny, as CodexField had previously received support from BNB Chainif misconduct is proven, it would deal a serious blow to the ecosystem.

Blockchain analyst Specter pointed out that CodexField may be involved in a rug pull scheme. During his investigation, the movement of more than $85 million in user funds was tracked through a chain of wallets across several blockchains.

In a tweet on July 9, Specter noted that during his analysis, he found the CodexField deposit contract (0x9E6A75b546B65E7B9D34E2c9aB8Fe224B9aA52AA), as well as wallets from which $17.3 million in USDT had recently been transferred from the TRON blockchain to Ethereum, after which the funds were converted to DAI on the Polygon network via Bitget Swap. Of this $17.3 million, $10.8 million has not yet reached its final destination, while $6.5 million has been successfully transferred.

Spectre expressed concern about the projects deposit scheme, stating that all of its numerous official CodexField domain addresses lead to the same deposit contract. According to the blockchain analysis platform MetaSleuth, this contract is labeled Fake CodexField.

Nevertheless, Specter claims that he checked the projects official channels and instructions and confirmed that this contract was indeed used for deposits. He also noted that, apparently, funds from the treasury pass through intermediary wallets before reaching centralized exchanges, and this point requires further investigation.

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At this time, neither the claims regarding deposits totaling $85 million nor the allegations of fraud are being verified.

The deposit contract referenced by Specter is available on BscScan for analysis of the transaction history, however, the analysts post lacks a breakdown of each individual transaction to corroborate the $85 million figure, and there is no complete mapping of wallets to this estimate. At the time of writing, neither CodexField nor BNB Chain has confirmed Specters findings.

The allegations regarding revenue carry weight, as CodexField is not just some obscure meme token or a brand-new DeFi project.

In September 2023, BNB Chain promoted this platform after it took first place in the Infrastructure category at the Hackvolution hackathon. CodexField, built on BNB Greenfield, is a decentralized code management platform that allows developers to store repositories on the blockchain and monetize their software through a blockchain marketplace, rather than through centralized platforms like GitHub.

This high-profile endorsement lends the situation added significance. Instead of accusing an unknown project developer, Spectre points to someone whom BNB Chain had previously promoted as part of its ecosystem.

Immunefi, a company specializing in blockchain security, reported that since 2020, the networks total losses have amounted to approximately $1.64 billion, including $368 million lost to fraud (228 incidents). Losses from rug pulls accounted for 44% of BNB Chains total losses in 2023, whereas Ethereum accounted for only 1.7% of losses from similar schemes, highlighting BNB Chains longstanding vulnerability to exit scam-type fraud.”,”detected_source_language”:”RU