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DEX Merlin and CertiK Plan to Compensate $2M to Users Impacted in Rugpull

Merlin, a decentralized exchange based on zkSync, plans to compensate users impacted in a nearly $2 million rugpull with blockchain audit firm CertiK. A rug pull is a type of exit scam in which the perpetrators create a new token, launch a liquidity pool for it, and pair it with a base token. Merlin was exploited for over $1.8 million on Wednesday during a public sale of its mage (MAGE) tokens. The attack was conducted by a rogue developer who held private keys to Merlin’s smart contracts, allowing them to withdraw all liquidity from the protocol. CertiK is investigating and plans to initiate a compensation plan to cover the lost funds for affected users, and will collaborate with law enforcement authorities to track down the rogue developers if direct negotiation is unsuccessful.

(By Shaurya Malwa)

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