Pragma defi protocol developers rug pull for $1.5 million

The Pragma defi project on the Fantom blockchain announced that their treasury and project wallets had been drained for around $1.5 million in $FTM.

The rug pull appeared to have been perpetrated by one team member, although several other team members had to sign off on the transaction in order for it to go through.

The team had had their real-life identities verified by Obsidian, and remaining team members said they were working with Obsidian to try to investigate those behind the theft. Third-party KYC verification like the service Obsidian provides is often used by crypto projects to increase trust, though Pragma is hardly the first project with this kind of verification that stole funds anyway.