On-chain researcher Specter has issued a community security alert regarding the CodexField project, which operates on the BNB Chain. The alert states that unusual transactions have been detected in the project’s fund movements and that there is a risk of user funds being misused.
According to on-chain tracking data, the CodexField project has raised over $85 million in funds to date. In his analysis yesterday, Specter identified noteworthy fund flows in wallets linked to the project.
According to the researcher, the wallet in question bridged 17.3 million USDT from the TRON network to Ethereum. These funds were then converted to DAI on the Polygon network. It was stated that $6.5 million has been transferred so far, with the remaining $10.8 million still in the process of being transferred.
It was stated that the funds in question were bridged from Ethereum to TRON approximately six months ago, and the source wallet is associated with a deposit contract linked to CodexField.
The warning also listed other suspicious aspects of the project. It stated that CodexField required users to deposit at least $100 to participate. Blockchain security tool Blocksec MetaSuites flagged the deposit contract as “Fake CodexField,” but Specter’s further investigations revealed that the contract was actually operated by the CodexField team.
Related News Altcoins with the Highest Inflows and Outflows Over the Past Week Have Been Identified
According to the research, the project uses multiple domain names and subdomains to attract user investment. It was also stated that the team shared these domain names with the public through official channels.
Specter highlighted the project’s unusual fund flow method. According to the researcher, instead of being held in a traditional treasury or fund management model, the funds are bridged across multiple chains, passed through intermediate wallets, and ultimately routed to a centralized exchange.
An on-chain researcher stated that users interacting with CodexField should exercise extreme caution until the team provides a transparent explanation of its funding movements. Specter noted that current on-chain activity warrants a “high level of caution” regarding the project.
*This is not investment advice.