Narwhal Incident

The report investigates two rapid price slippages of the Narwhal (NRW) token on 5–7 January that together removed about $1.5M from the project. On-chain analysis shows one slippage was caused by an EOA consolidating and selling purchased tokens and the other by a withdraw call to a contract deployed by the Narwhal deployer; both event traces converge on wallets tied to the deployer and lead to Tornado Cash deposits. CertiK’s and additional tracing evidence (including a signer change shortly before the events and bridging of proceeds) point to an exit scam rather than an external hack.