Core Insights - The digital currency market is experiencing a significant crisis as the DeFi platform ARK, known as the "crypto bank," initiates a fund withdrawal process, leading to its potential self-destruction [1] Group 1: Fund Withdrawal Process - The withdrawal operation was executed in three key phases: unlocking smart contract backdoor at 3 AM UTC, transferring $32 million in stablecoins to Tornado Cash at 5:23 AM, and moving the remaining $58 million in crypto assets to an anonymous address on Avalanche at 8:47 AM [2] - All transactions bypassed conventional on-chain confirmation processes, indicating a "separation of accounting" feature, as transaction hashes were not found in the project's audit logs [2] Group 2: Technical Evidence of Fraud - The platform's technical collapse exhibits textbook fraud characteristics, with the latest app version containing a self-destruct module that erases local wallet data and transaction history [4] - The project’s node servers are executing a "double destruction" program, deleting all database files and simultaneously demagnetizing hard drives, with physical destruction of servers already underway in Singapore [4] Group 3: Investor Traps - While most investors were unaware, the platform displayed a deceptive "flashback" state, reopening deposit channels with enticing "10x rewards" while marking all withdrawal requests for "manual review" [5] - Users discovered discrepancies between displayed account balances and actual on-chain data, revealing that their wallets had been emptied, a phenomenon termed "interface balance illusion" [5] Group 4: Regulatory Response - In response to the unfolding situation, multiple financial regulatory bodies have activated emergency plans, with the Monetary Authority of Singapore issuing a red alert to halt trading of ARK-related assets [7] - The SEC in the U.S. convened an emergency meeting to consider listing the project on the "international financial fraud list," while Chainalysis is tracking the funds, which have reportedly been laundered through multiple layers before reaching offshore accounts [7] - This meticulously planned exit scam is becoming one of the worst cases in crypto history, severely undermining industry trust and leading to the disappearance of the founding team [7]