TL;DR
- Abstract Chain is investigating wallet drain reports from users interacting with Cardex, a blockchain-based fantasy game.
- The issue appears to be isolated to this application, without impacting Abstract’s global network.
- Users are reporting significant financial losses, with amounts ranging from hundreds of dollars to over $100,000 in ether.
Abstract Chain, the Ethereum Layer 2 blockchain created by Igloo Inc., is investigating a series of reports regarding wallet drains that some users have experienced, seemingly related to the Cardex game. This blockchain-based fantasy game, launched on February 11, has been identified as the source of the problem. Despite growing concerns in the community, Abstract has clarified that the incident is not a widespread issue affecting the global network or its Abstract Global Wallet (AGW).
In a statement issued by 0xBeans, Abstract’s representative on X (formerly Twitter), it was confirmed that the wallet drains are limited to interactions with Cardex, and the team is working to resolve the issue. Additionally, users were advised to avoid engaging with Cardex for the time being until the situation is clarified.
Concerns Over Million-Dollar Losses and Doubts About Cardex
Several users voiced their frustration in Abstract and Cardex’s official Discord and Telegram channels, reporting significant fund losses ranging from hundreds of dollars to over $100,000 in ether. This situation has raised concerns and led some users to accuse Cardex of potentially being a “rugpull”, a common scam in the crypto industry. These types of incidents highlight the vulnerabilities that users face in emerging crypto projects, particularly those involving applications that have not been thoroughly tested.
Cardex, a game built around blockchain-based tokenized collectible cards, had generated considerable interest before this incident. However, the controversy has overshadowed its launch, casting serious doubts on the security of games and applications running on Layer 2 networks such as Abstract.
The Future of Abstract and Cardex
Despite this setback, Abstract remains a promising project in the Layer 2 Ethereum ecosystem, backed by major investors like Founders Fund, which invested $11 million into its development. The company has assured that affected users will be attended to and updates will be provided as the investigation progresses. This episode underscores the critical need to improve security across crypto platforms and implement more stringent controls before launching new applications on emerging networks like Abstract. Undoubtedly, this situation serves as a reminder of the importance of thoroughly vetting any platform before engaging with it.
