{"id":22358,"date":"2024-06-09T13:00:44","date_gmt":"2024-06-09T10:00:44","guid":{"rendered":"https:\/\/coinengineer.io\/?p=22358"},"modified":"2024-06-09T10:23:24","modified_gmt":"2024-06-09T07:23:24","slug":"gemholic-accused-of-rug-pull-following-zksync","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/gemholic-accused-of-rug-pull-following-zksync\/","title":{"rendered":"Gemholic Accused of Rug Pull Following ZkSync v24 Release"},"content":{"rendered":"<p><strong>Gemholic<\/strong>, the team behind the defunct GemSwap distributed exchange on Ethereum Layer 2 network <a href=\"https:\/\/zksync.io\/\">ZkSync<\/a>, is under rug pull charges following the recent movement of previously unreachable cash liberated by a ZkSync network upgrade and the apparently deleted social media presence.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/gemholic-accused-of-rug-pull-following-zksync\/#Unlocking_of_Funds_and_Immediate_Disappearance\" title=\"Unlocking of Funds and Immediate Disappearance\">Unlocking of Funds and Immediate Disappearance<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/gemholic-accused-of-rug-pull-following-zksync\/#Gemholics_Vanishing_Act\" title=\"Gemholic&#8217;s Vanishing Act\">Gemholic&#8217;s Vanishing Act<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Unlocking_of_Funds_and_Immediate_Disappearance\"><\/span>Unlocking of Funds and Immediate Disappearance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Due to a technical discrepancy between ZkSync&#8217;s Era network and Ethereum&#8217;s mainnet, Eden Au, director of research at The Block, was the first to observe in April 2023 that the 921 ETH raised by <strong>Gemholic<\/strong> had been inadvertently locked in its ZkSync smart contract.<\/p>\n<p>At the time, ZkSync developers claimed to have figured out a way to access the about $1.7 million worth of cash, which had subsequently appreciated to $3.4 million in value with Ethereum&#8217;s surge in price. Yesterday, with the release of ZkSync&#8217;s most recent v24 upgrade on the mainnet, the money appeared unlocked.<\/p>\n<p><span style=\"color: #0000ff;\"><em>This Might Interest You: <a style=\"color: #0000ff;\" href=\"https:\/\/coinengineer.net\/blog\/nigerian-ban-on-naira-trading-may-backfire\/\">Nigerian Ban on Naira Trading May Backfire<\/a><\/em><\/span><\/p>\n<p>Originally, <strong>Gemholic<\/strong> had vowed to carry on the project once the money came free.<em> &#8220;We know many people have lost trust, but we still think the @zksync crew can help restore things. Everybody should believe in us. We will start a pre-launch for the project and a marketing campaign right away once the contract is set.&#8221;<\/em> The project also noted on its now-inaccesible X account in April: &#8220;<em>We will also refund the overflow<\/em>,&#8221; an archival version of the page notes.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Gemholics_Vanishing_Act\"><\/span>Gemholic&#8217;s Vanishing Act<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>After the money was recovered, X users discovered that the cash had been transferred to the Ethereum mainnet while <strong>Gemholic&#8217;s<\/strong> X and Telegram accounts vanished, most likely after being deleted by the Gemholic crew. X user Nahnah64 created a list of wallet addresses, apparently reflecting the $3.4 million in recently discovered cash.<\/p>\n<p><em>&#8220;Today, <strong>Gemholic<\/strong>, who for an entire year falsely promised refunds to its investors, only to execute a rug pull after the funds were finally unlocked, stole $3.5 million,&#8221;<\/em> X user NSerec, founder of zkMarkets, posted on X.<\/p>\n<p><strong>Gemholic<\/strong> received a certificate of compliance after knowing-your-consumer (KYC) and smart contract validation from blockchain security company SolidProof. Press time did not allow SolidProof and ZkSync to be readily accessed for comments.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gemholic, the team behind the defunct GemSwap distributed exchange on Ethereum Layer 2 network ZkSync, is under rug pull charges following the recent movement of previously unreachable cash liberated by a ZkSync network upgrade and the apparently deleted social media presence. Unlocking of Funds and Immediate Disappearance Due to a technical discrepancy between ZkSync&#8217;s Era<\/p>\n","protected":false},"author":6,"featured_media":22360,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,2],"tags":[6733,6734,63],"class_list":["post-22358","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exchange-news","category-news","tag-gemholic","tag-gemswap","tag-zksync"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gemholic Accused of Rug Pull Following ZkSync v24 Release - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/gemholic-accused-of-rug-pull-following-zksync\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gemholic Accused of Rug Pull Following ZkSync v24 Release - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Gemholic, the team behind the defunct GemSwap distributed exchange on Ethereum Layer 2 network ZkSync, is under rug pull charges following the recent movement of previously unreachable cash liberated by a ZkSync network upgrade and the apparently deleted social media presence. 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