ZachXBT: Sorta Finance may be a scam on Arbitrum, please do not use this protocol

ChainCatcher news, on-chain detective ZachXBT warned on social media that Sorta Finance has previously stolen over $25 million through scams such as Magnate, Kokomo, Lendora, Solfire, Crolend, and HashDAO.

The deployer has received new funding, and the first address to interact with the Sorta contract has also received 100 ETH in new funding from Tornado Cash. They operate by forking Compound V2 across various EVM chains.

Once the TVL reaches a sufficient amount, they will suspend withdrawals/loans and deceive all users. Typically, they pay low-quality auditing firms to audit the contracts and provide false KYC, and pay F-grade influencers to write lengthy articles.