ArbiSwap
Last changed 2026-11-02 · Fact-check review — Fact-check review (verdict: revise): the reviewer checked the page's claims against its sources; the trust score did not change. Version history →
Why this score
| Every page starts at | 65 |
| The subject's own conduct | -140 |
| Sum | -75 |
- The page establishes that the subject is itself a scheme, so the score is 0.
- 1 section set aside: the claims did not hold up in a fact-check, pending correction.
Score: 0/100 (kept between 0 and 100)
How scoring works →Page reliability: Fact-checked 2026-11-02 · 5 of 8 claims confirmed · 3 need better sources
anchored·2Xc9dn…9885Summary
ArbiSwap was a decentralized exchange (DEX) launched on the Arbitrum network in February 2023 that executed a rug pull on March 2, 2023, approximately six days after launch, stealing roughly 84 ETH (over $100,000) from users and moving the proceeds through Tornado Cash. The anonymous developer exploited a hidden 'recoverToken' function in a swapped smart contract to drain liquidity pools while the ARBI governance token collapsed more than 99% in value. The project attracted $4.4 million in total value locked by advertising unsustainable yields above 1,000% APY before abandoning the protocol and going silent.
Connected Entities
5 entities · 60 linked investigations- ArbiSwap→mentioned with→Arbitrum(80%)
- ArbiSwap→mentioned with→Bitcoin(60%)
- ArbiSwap→mentioned with→ZachXBT(70%)
- ArbiSwap→mentioned with→Ethereum(60%)
- Ethereum→mentioned with→Bitcoin(60%)
- ZachXBT→mentioned with→Ethereum(70%)
- ZachXBT→mentioned with→Bitcoin(65%)
- Arbitrum→mentioned with→Bitcoin(60%)
- Arbitrum→mentioned with→Ethereum(80%)
Connected Through
4 shared actors · 621 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Ethereumorganization
- □ZachXBTorganization
- ♦Bitcointoken
- □Arbitrumorganization
Timeline(8 events)
24 February 2023
ArbiSwap launches on Arbitrum. The ARBI token is issued and liquidity pools open. The protocol reaches $1 million TVL within 30 minutes.
CryptoSlate28 February 2023
ArbiSwap TVL peaks near $4.4 million on DeFiLlama. The protocol advertises 1,000%+ APY on ETH and BTC pairs to attract liquidity.
CoinDeskMarch 2023
Approximately 13 hours before the rug pull, the developer silently swaps the project's router contract to a new address (0x5e7aBD428e2BE79af3317DbdF2BffC31BF7075cF) containing a hidden 'recoverToken' backdoor function.
BeInCrypto / RugDocIO2 March 2023
The developer executes the rug pull: mints 1 trillion ARBI tokens, swaps them through the ARBI/USDC liquidity pool for USDC, then converts proceeds into approximately 68.47 ETH. The ARBI/WETH pool is accidentally left open; an arbitrage bot extracts roughly $112,000 from it.
CoinFomania / PeckShield2 March 2023
RugDocIO issues an emergency public alert advising users to withdraw funds immediately and revoke all ArbiSwap token approvals. Total stolen estimated at ~84 ETH.
Investing.com / CoinEdition2 March 2023
ARBI token price collapses from approximately $1.50 to under $0.00000001, a decline of more than 99.9%. TVL drops from $4.4 million to approximately $269,000.
U.Today / CoinDesk2 March 2023
CoinDesk, crypto.news, BeInCrypto, and U.Today publish reports on the rug pull. ArbiSwap's website and social media channels go silent with no developer statement.
CoinDesk2 March 2023
On-chain data shows the ArbiSwap operator routes approximately 84 ETH in stolen funds through Tornado Cash to obscure the destination.
CryptoSlateDecision Log
- slot 464291240 · hash E42LTaxPVeoyAyekqDrEMpTYFFv8FAr8dQ6PZJD29P8U
- slot 464291235 · hash 3LS4Traumz57M6mHAjoTpuzG7Hx9put8yUxp2AcfRE54
- slot 461964153 · hash F1kchMLD9y8h3tNQKJDG4nEwLpaEN4viUydkZeyHPQC3
- slot 423154332 · hash FGbGnjmd7MaKWfD6CCkaJejvVsHSFy2p84GHMbmnsgRx
This investigation is cryptographically anchored to the Solana blockchain (4 decisions). 11 of 14 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:43 AM
last updated: 11/2/2026, 12:19:09 AM
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