Developers drain over $1.1 million from $CHEDDA

The price of the $CHEDDA token suddenly plummeted 50% when a developer removed $1.17 million from the project. The withdrawal was accomplished with a function only available to privileged wallets — that is, those belonging to the project team or its developers.

Members of the Chedda team claimed on Discord that they were not behind it, and that it had been done by an outsourced development team who was working on the projects farming and staking. "They technically should've been within contract, but they robbed us," wrote Discord moderator Ali Michelle (referring to legal contracts rather than smart contracts). "They were in contract so it would be illegal and full on theft, i believe". Despite the devastating loss, Michelle urged remaining members of the community to "hodl and help us bring this back to life!"

The project had been audited by CertiK, who were quick to note that the contract containing the function used to drain funds was "not in CertiK's audit scope".