Analyst flags CodexField over suspected $85M rug pull

Blockchain analyst Specter flagged that CodexField may be engaging in a rug pull scheme. More than $85 million in user funds has been tracked through a series of wallets on several blockchains through this investigation.

In a Tweet dated July 9, Specter mentions that in his investigation, he discovered CodexField’s deposit contract (0x9E6A75b546B65E7B9D34E2c9aB8Fe224B9aA52AA) along with wallets that have recently brought $17.3 million worth of USDT from the TRON blockchain to Ethereum before the funds were then swapped for DAI on Polygon through Bitget Swap. Of the $17.3 million, $10.8 million has still not reached its destination, while $6.5 million has been successfully transferred.

Inside the CodexField probe

Specter raised concerns over the deposit arrangement used by the project, claiming that its multiple official CodexField domain addresses all led to the same deposit contract. According to the blockchain intelligence platform MetaSleuth, the contract is labeled as “Fake CodexField.” 

However, Specter claims to have verified that the contract had indeed been used for deposits by checking the official channels of the project and its tutorials. He also stated that there seems to be movement of the treasury funds through the intermediary wallets before they reach centralized exchanges, which needs to be investigated more closely.

It is not being verified whether the claims made regarding both the $85 million in deposits and the fraud allegation. The deposit contract pointed out by Specter is available on BscScan for one to analyze the transaction history, but the analyst’s post has not provided a transaction-by-transaction analysis for the $85 million number and has not done a complete wallet attribution for that estimate. As of the time of writing this article, neither CodexField nor BNB Chain has confirmed the findings of Specter.

The revenue allegations are significant since CodexField is not just some unknown meme token or a brand-new DeFi project.

History of exit scams

In September 2023, BNB Chain promoted the platform after it won first place in the Infrastructure category of its Hackvolution hackathon. CodexField, which is built on BNB Greenfield, is a decentralized code management platform allowing developers to keep their repositories on-chain and monetize their software through a blockchain market rather than through centralized platforms like GitHub.

This high-profile endorsement makes the situation more significant. Instead of charging some unknown project developer, Specter charges someone BNB Chain has previously promoted as part of the ecosystem.

Blockchain security company Immunefi has revealed that from 2020 onwards, the total losses of this network constitute around $1.64 billion, including $368 million lost due to fraud (228 cases). The losses caused by rug pulls made up 44% of the total losses of BNB Chain in 2023, while only 1.7% of losses caused by similar scams were reported by Ethereum, highlighting BNB Chain’s long-standing exposure to exit scams.

Recent events show that the trend is confirmed. In October 2025, OracleBNB vanished after it deleted all its website and social media accounts shortly before the token lost more than 95% of its value. Earlier, blockchain analytical firm TRM Labs connected the SQUID token scam in 2021 to the theft of over 35,000 BNB ($19.3 million in that period), causing huge losses for investors due to the impossibility of withdrawing funds.

These cases do not prove any criminal activity of CodexField. But these illustrate why investigators focus their attention on projects acting in a similar way, especially if there are numerous swaps of assets across multiple chains before reaching exchange-linked wallets.

Whether Specter’s claims gain wider credibility will depend on further on-chain evidence.

Investigators will presumably seek a transaction-level breakdown attesting to the stated $85 million in deposits, greater attribution tying the identified wallets to CodexField’s operators, and explanation for the stated cross-chain movement of treasury funds. Just as important will be whether CodexField or BNB Chain respond to the allegations, or offer proof that the transfers represent genuinely operational activities rather than misappropriating investors’ funds.

At this moment, Specter’s revelations amount to a thorough investigation on the blockchain, raising specific questions about the flow of funds in the project, but not providing verified proof of fraud.