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Ordinal Finance Exit Scam

Ordinal Finance Exit Scam: How to Protect Yourself from Rug Pulls in DeFi

Ordinals Finance, a decentralized finance (DeFi) protocol built on the Ethereum Network which allows users to lend and borrow inscriptions, has been confirmed by Certik, to have performed an Exit Scam. 

Ordinal Finance Exit Scam
Ordinal Finance Exit Scam

The DeFi space has revolutionized the traditional financial system, providing a decentralized alternative to centralized finance. However, the rising popularity of DeFi has also attracted fraudsters who prey on unsuspecting investors. With the latest Rug Pull on Ordinal Finance that resulted in a total loss of $1 million, there is a need for DeFi users to be aware on how to stay protected from becoming Rug Pull victims. 

About Ordinal Finance

Ordinal Finance was a Decentralized platform  that enabled users to lend and borrow Inscriptions in a secure and trustworthy manner. The project  appeared in late February and promised to assist in the development of a DeFi ecosystem on the Bitcoin blockchain, but was short-lived. The platform has a native token, OFI token which some investors bought and traded on different platforms like Uniswap and Bilaxy as seen on Coinmarketcap and the image shown below. However, on April 24th, 2023, the platform abruptly shut down, and its website and social media accounts were deleted.

Ordinal Finance Rug pull on CoinMarketCap

Blockchain Explorer, Etherscan Reveals details about the Ordinal Finance Rug Pull 

According to blockchain data, the deployer removed OFI tokens from the OEBStaking contract, 0x419E35E3515c2fDB652C898bF7A0B21FB20497dC and swapped them for ETH. The Ordina Finance  deployer account, 0x905bb31444b533c1e770e8a018256775c2fc7f6e  used the safuToken function to withdraw more than 256 million OFI tokens for about $1 million worth of ETH on April 24. These funds allegedly went through several transactions before being transferred to a different Ethereum account and then into tornado cash mixer.

Coinmarket Cap Warns Investors of Ordinal Finance Token Trades after the Rug Pull

CoinMarketCap has put up a statement to warn investors of the Exit Scam on the Ordinal Finance protocol. This can be seen as a warning message on the Ordinal Finance’s token page on CoinMarketCap. The statement reads ”Deployer has removed OFI tokens from the staking contact and swapped them for ETH. The website and all social media channels have been deleted as well. Exercise caution while trading and always DYOR.”

Ordinal Finance Scam on CoinMarketCap

How To Protect Yourself From Rug Pulls in DeFi

Rug pulls are unfortunately becoming common in the DeFi space. Rug pulls occur when developers of a DeFi project deceive investors into investing in their platform, only to disappear with their funds. 

Hence, to avoid becoming a victim of a rug pull, as an  investor, you  must do your due diligence before investing in any DeFi project. You should research the team behind the project, the platform’s security measures, and its transparency. Additionally, it is wise  not to  invest more than what you can afford to lose, as rug pulls can wipe your entire investment in a matter of seconds.

Generally, as an investor,  be wary of projects that promise high returns with little effort, as these are often red flags for potential scams. You should also avoid investing in projects with low liquidity or suspicious tokenomics, as these could indicate that the project is not sustainable.


In conclusion, the Ordinal Finance exit scam is a sobering reminder that the DeFi space is not immune to fraudsters. Exercise caution as a Crypto Investor  and do your research before investing in any DeFi project. By staying vigilant, you can protect yourself  from rug pulls and other forms of exit scams.

At A&D  Forensics, we trace and investigate cryptocurrency related crimes. Follow us on our social media platforms for more blockchain security tips. 

Contributor: Loveth Odije

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Chioma Onyekelu is a highly skilled and accomplished professional in the field of cryptocurrency and blockchain technology. She is a Certified Cryptocurrency Investigator and Crypto Compliance Specialist, as well as a Blockchain Forensic Specialist and a teacher. She is also a public speaker and her teachings include consultations and practical solutions for African Start-ups on the best and most cost-effective way to build with compliance in mind. With a wealth of knowledge and experience in these cutting-edge technologies, she is well-equipped to navigate the complex landscape of cryptocurrency-related crimes.

In her current role as a Blockchain Forensic Specialist at A&D Forensics, Chioma is responsible for tracing and investigating cryptocurrency-related crimes, as well as training law enforcement agents and compliance officers on the latest developments and best practices in the field. In addition, she is currently pursuing a Master's degree in Blockchain and Digital Currencies at the University of Nicosia in Cyprus, further solidifying her expertise and understanding of the technology.

Chioma's dedication and passion for the field is evident in her work, and she is committed to staying at the forefront of developments in cryptocurrency and blockchain technology to provide the best possible service to her clients. Her exceptional skills in educating and consulting make her a valuable asset to the industry and an authority in the field of Blockchain and Crypto Compliance.


Adedeji is a Forensic Investigation Practitioner and CertifiedBlockchain/Cryptocurrency Forensic
Investigator (CFE, CCI, CCFI & Reactor Certified) with more than Fifteen years of experience across few banks within the Nigeria Financial Sector and educator in Corporate workplace settings, Deji is uniquely qualified and involved in forensics analysis of Financial Infractions, Cryptocurrency crimes and designing plans that works for Government, Regulators, Law enforcement.

He was appointed by SEC Nigeria as Member Virtual Asset and Fintech Regulatory framework drafting Committee, He is a member of Global Digital Finance’s KYC/AML working group in France and a member of the Industry led Thinktank that worked on and came out with FATF cryptocurrency Travel rule InterMessaging Standard for Virtual Assets (IVMS101) to help combat money laundering and terrorism financing using cryptocurrencies around the globe.

His law enforcement training efforts on new money and cybercrime have seen him train many law enforcement agents in various countries i.e Nigeria Police, Nigeria Army CyberWarfare command, Zambia Financial Intelligence Unit, Zambia Central Bank and more.
He is Chainalysis Sole Africa Investigative Partner helping law enforcement investigate criminal organizations using cryptocurrency to conceal illiccit activities across Africa, he is also a training Partner for Blockchain Intelligence Group based out of Canada.

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