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ArbiSwap

avoid.net/arbiswap→2/100·88% conf.
[AI-DRAFTED · AWAITING VERIFICATION][src:defillama]

Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.

anchored·2Xc9dn…9885

Summary

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
Organizations
□Ethereum64□Arbitrum□ZachXBT
Protocols
⌂ArbiSwap
Tokens
♦Bitcoin
Relationships
  • 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%)
Also appears in
Ethereum·64Lendf.me·30Levyathan·18Jump Trading·42StableMagnet·2Shibarium·28Bankr·18Nexera·32Sky (MakerDAO)·51BearnFi·12+ 50 more

Connected Through

4 shared actors · 636 investigations

Distinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.

Have evidence about ArbiSwap?

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.

CryptoSlate

28 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.

CoinDesk

March 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 / RugDocIO

2 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 / PeckShield

2 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 / CoinEdition

2 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 / CoinDesk

2 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.

CoinDesk

2 March 2023

On-chain data shows the ArbiSwap operator routes approximately 84 ETH in stolen funds through Tornado Cash to obscure the destination.

CryptoSlate
Provenance & Audit Trail
Anchored on SolanaVerify on-chain11 Wayback Archivessrc:defillama

Decision Log

This investigation is cryptographically anchored to the Solana blockchain (1 event). 11 of 14 cited source URLs have an Internet Archive snapshot.

full audit log →version history →

model: claude-sonnet-4-6

generated: 5/4/2026, 2:54:43 AM

last updated: 8/29/2026, 1:34:20 AM

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