Allen Lin, or AzFlin, infamous for FrensTech meme coin rug pull, loses job at Uniswap DEX
|- Allen Lin executed a liquidity pull only hours after deploying the FrensTech meme coin.
- The smart contract engineer has since lost his job at Uniswap, with the DEX’s founder Hayden Adams separating his firm from exploiter.
- The bad actor leveraged Base, trending under Coinbase’s incubation program, to deploy the bait.
Unremorseful, the bad actor calls his sacking a “net neutral” after gaining 600 new followers and Crypto Twitter villain status on X.
Allen Lin lost his job with Uniswap after 14 months with the decentralized exchange (DEX) following a recent rug pull that saw investors lose 14 Ether (ETH) worth approximately $25,900.
Also Read: THORChain price rises 20% to beat Shiba Inu in weekend gains. Why RUNE may be due for a 25% crash
FrensTech meme coin rug puller fired at Uniswap DEX
Uniswap DEX employee Allen Lin, now revealed to be the identity behind the recent FrensTech rug pull, has been sacked, with the company separating itself from his actions. Citing Uniswap founder Hayden Adams in a post on social media platform X:
Wanted to let people know this person is no longer with the company. Not behavior we support or condone.
Going by AzFlin on X (formerly Twitter) and GitHub, Allen Lin executed a rug pull with a recently deployed meme coin; FrensTech launched atop the social platform of Coinbase Layer-2 Base program, friend.tech.
Memecoin liquidity rug pull that saw Allen Lin fired
After launching the FrensTech on Base, AzFlin used Hop cross-chain protocol to transfer his loot (14 ETH) from the Base network.
AzFlin meme coin rug pull transaction on Etherscan.
According to user @UniswapVillain, “He [AzFlin] removed liquidity he added from fees and pocketed 14 ETH from fees.”
Frenstech (@FrensTech) $FRENS was deployed a few hours ago by the dev, @AzFlin a Uniswap employee.
— (@UniswapVillain) August 12, 2023
One hour and four minutes ago he effectively rugged the project moving 14 ETH off of Base chain through HOP. https://t.co/UUpz1PYXLQ
Multiple people have confirmed he is the dev… pic.twitter.com/xMyQxbqj0f
Frenstech (@FrensTech) $FRENS was deployed a few hours ago by the dev, @AzFlin a Uniswap employee.
— (@UniswapVillain) August 12, 2023
One hour and four minutes ago he effectively rugged the project moving 14 ETH off of Base chain through HOP. https://t.co/UUpz1PYXLQ
Multiple people have confirmed he is the dev… pic.twitter.com/xMyQxbqj0f
Akin to UniswapVillain’s marvel that “someone who is doxxed and works for Uniswap would do this…,” the bad actor has not expressed any remorse for the liquidity rug pull. In a recent post, the exploiter shared that his job loss is a “net neutral,” noting:
Got fired from UniSwap but gained new followers and Crypto Twitter villain status.
AzFlin has since adjusted his username on social media platform X to feature the words “unemployment arc.”
got fired from uniswap, but gained 600 new followers and CT villain status
— AzFlin (unemployment arc) (@AzFlin) August 12, 2023
net neutral tbh
got fired from uniswap, but gained 600 new followers and CT villain status
— AzFlin (unemployment arc) (@AzFlin) August 12, 2023
net neutral tbh
Rug pulls have recently become a common trend in the cryptocurrency scene, particularly for newly launched tokens and decentralized exchanges. The lure comes as giant cryptocurrencies like Bitcoin (BTC) and Ethereum continue to record price movements that are not actionable. As indicated, the two giants have been moving within tight ranges, leaving investors and traders desperate for profit.
As the market holds out hope for an impulse, traders must exercise caution, not buying into the enticing explosions of newly launched tokens or hype from influencers. Instead, they must conduct their research so that their investments sprout from an informed point of view.
Ethereum FAQs
What is Ethereum?
Ethereum is a decentralized open-source blockchain with smart contracts functionality. Serving as the basal network for the Ether (ETH) cryptocurrency, it is the second largest crypto and largest altcoin by market capitalization. The Ethereum network is tailored for scalability, programmability, security, and decentralization, which make it popular among developers.
What blockchain technology does Ethereum use?
Ethereum uses decentralized blockchain technology, where developers can build and deploy applications independent of the central authority. To make this easier, the network has a programming language in place, which helps users create self-executing smart contracts. A smart contract is a code that can be verified and allows inter-user transactions.
What is staking?
Staking is a process where investors grow their portfolios by locking their assets for a specified duration instead of selling them. It is used by most blockchains, especially the ones that employ Proof-of-Stake (PoS) mechanism, with users earning rewards as an incentive for committing their tokens. For most long-term cryptocurrency holders, staking is a strategy to make passive income from your assets, putting them to work in exchange for reward generation.
Why did Ethereum shift from Proof-of-Work to Proof-of-Stake?
Ethereum transitioned from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) mechanism in an event christened “The Merge.” The transformation came as the network wanted to achieve more security, cut down on energy consumption by 99.95%, and execute new scaling solutions with a possible threshold of 100,000 transactions per second. With PoS, miners have fewer entry barriers considering the reduced energy demands.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.