On March 2, 2023, ArbiSwap DEX on Arbitrum was rugged by the development team. Team promoted a fake staking scheme with 1330% APY less than 24 hours before draining 85 ETH and $112,000+ in tokens using admin functions.

Arbitrum ecological DEX ArbiSwap is suspected of Rug Pull. ArbiSwap deployers minted 1 trillion ARBI before Rug Pull, and then converted ARBI into USDC, which caused a sharp drop in ARBI in the USDC/ARBI transaction pair. In the next block, the robot passed USDC to ARBI then traded ETH for spatial arbitrage, making a profit of 68.47 ETH. ArbiSwap has transferred 84 ETH to the Ethereum mainnet and sent it to TornadoCash.