ETHTrustFund
Summary
ETHTrustFund (ticker: ETF) was a decentralized autonomous organization (DAO) built on Coinbase's Base layer-2 network that marketed itself as an OHM (Olympus DAO) fork and decentralized crypto hedge fund. On July 20, 2024, the pseudonymous lead developer known only as 'Peng' drained approximately 607 ETH (worth ~$2.1–2.2 million) from the project treasury and laundered the funds through the privacy protocols Tornado Cash and Railgun before disappearing entirely. ZachXBT has flagged this entity as a fraudulent project. The project's website, Twitter, and Telegram accounts were permanently deleted following the exit.
Connected Entities
1 entitiesTimeline(5 events)
2024-03-14
$ETF token launched on Uniswap V3 on Base network at 12pm ET; token pumped then declined approximately 90% within one week of launch.
2024-04-01
Lead developer 'Peng' allegedly went silent on Telegram, ceasing to respond to community messages approximately three months before the rug pull.
2024-07-20
Developer executed rug pull in two transactions: first transferring ~3.2 million BRETT tokens (~$453,000), then ~477 ETH (~$1.65 million) approximately 9.5 hours later. Total: ~607 ETH (~$2.1–2.2 million). Funds bridged to Ethereum mainnet and routed through Tornado Cash and Railgun.
2024-07-21
Crypto community researcher Octoshi publicly disclosed the suspicious treasury transfers and disappearance of the developer on social media.
2024-07-22
Blockchain security firm PeckShield confirmed the rug pull via an on-chain alert. Ogle (glue.net) filed a report on ChainAbuse. Rekt News published a full incident report.
Decision Log
- hash: 9Jqt9fHuLy2LYqDTNPje5LYibQnLj1E6tf7RfUuM1dPQ
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:30 AM
last updated: 5/27/2026, 5:32:23 PM
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