KoiSwap

FORENSIC REPORT

Time of Death: March 9, 2021. The specimen, identified as KoiSwap, a decentralized exchange protocol operating on the Binance Smart Chain, was pronounced dead on arrival. Initial liquidity provision occurred at transaction 0xa5bad7abc32f5d50a965ee258a11c7ef8196681cb941a7051363551d4e85c812, establishing what appeared to be a functional market. The patient showed early signs of vitality. This condition was terminal from inception.

Cause of Death Analysis: The deployer, operating from address 0xc0acd947e60cb9bd31fd9a6146842d4596a5d6c6, executed a two-phase extraction protocol. Phase one involved complete liquidity removal via transaction 0x0c1e68fb68dad08e3b45a2be7b17513d8107809e6939da84847e97f4f0d6cfe3—a clean capital exfiltration totaling the full $19,950. Phase two consisted of systematic token dumping through multiple sequential sales documented on BitQuery, gradually converting remaining holdings to exit liquidity. The specimen shows textbook rug pull pathology: premeditated capital flight with no regard for liquidity providers or token holders.

Contributing Factors: Red flags were ubiquitous but went unheeded. The deployer maintained singular control over liquidity provisions with no time-locks, no multi-sig safeguards, and no burn mechanisms. The contract architecture screamed 'exit strategy.' No audits. No community governance. Just an address with a key and bad intentions. The market had precisely zero friction preventing this outcome.

Victim Impact: Approximately $19,950 in cold, hard capital simply vanished. An unknown number of retail participants—likely unsophisticated investors drawn by promises of yield farming or early-stage upside—experienced total capital loss. We're examining the remains of crushed portfolios and broken trust.

Pathologist's Note: KoiSwap is notable only for its complete unremarkability. It represents the baseline rug pull: no innovation in the theft, no novel technical exploits, just raw administrative access weaponized against participants. The deployer didn't even bother with a sophisticated exit—just drained the pool, dumped the tokens, and vanished into the BSC ether like thousands before it. This specimen illustrates a fundamental principle we've observed in 10,000 autopsies: if the deployer controls the keys and controls the liquidity, the only question is *when*, not *if*. KoiSwap answered that question decisively on March 9th.