• Blockchain security firm CertiK has frozen around $160,000 that was stolen during the Merlin DEX rug pull.
• CertiK tried to collaborate with the remaining members of the Merlin team but some core members were unwilling to verify their identities.
• The firm is monitoring the stolen funds and working with law enforcement agencies in the US and UK.
Merlin DEX Rug Pull
Blockchain security firm CertiK has revealed that it has frozen around $160,000, which was stolen during the Merlin DEX rug pull last week. Merlin, a zkSync-based decentralized exchange, fell victim to an insider rug pull, resulting in a loss of $1.8 million.
Stolen Funds Blocked
CertiK shared the news of the freezing of funds via its official Twitter handle and attempted to collaborate with members of the Merlin team but faced frustrations due to lack of cooperation from some core members who were unwilling to verify their identities. The firm is now focusing on working with law enforcement and have submitted information to relevant US & UK agencies and successfully froze $160K of stolen funds with help from partners. They will continue to monitor movement of all stolen funds in an attempt to freeze and recover remaining amount.
The Merlin Rugpull
Merlin tweeted about its back-end team being responsible for the rugpull and pledged support for victims while CertiK took on some blame as they failed to inform users about potential risks arising from centralization.
Improving Audit Summaries
CertiK announced plans for improvement by prioritizing centralization risks in audit summaries so users can have complete picture of potential risks as audit reports can be highly technical documents which are hard for non-technical users to digest thoroughly enough.
In conclusion, blockchain security firm Certik has successful frozen part ofthe stolen money fromtherugpull incidentand areworkingwithlawenforcementagenciesinorder toget backallthestolenfundsandsupportvictimsintheprocess. Theyarealsoimprovingtheirauditsummariestoensureuserhaveacompletepictureofthepotentialrisksinvolvedinsuchcasesandmakingitasaccessibleaspossibleforthenon-technicalusersaswell