One of the most annoying aspects of the world of Bitcoin and altcoins is rug pull scams. Funds are withdrawn suddenly, causing prices to plummet close to zero. The assets of crypto investors who have invested in altcoins on decentralized exchanges are wiped out in an instant. Today, such a development took place in four altcoins.
Rug Pull Incidents in 4 Altcoins
PeckShieldAlert, who closely monitors all these negative developments, especially rug pull actions, shared the issue with the crypto world. According to PeckShieldAlert, the first rug pull incident occurred in the altcoin IPMB. The price dropped by 100%.
When we look at the details of the incident, we see that the address 0x9920…8F50 exchanged 100,100,100,100,100,100,100.1001 IPMB for approximately $232,000 worth of 981.78 WBNB. When the pool was emptied, the value of the token was also instantly reduced to zero.
The second incident occurred in the cryptocurrency JWL. According to the report, the price of JWL dropped by 100% and became zero. When we look into the details, we see another rug pull incident. The address 0x3d6b…D6522 exchanged approximately $64,300 worth of 31 WETH for 1 trillion JWL.
Rug Pull Incidents Continue
PeckShieldAlert reported that the third rug pull incident occurred in the cryptocurrency WEB. The 100% drop in WEB’s price indicates that the investors holding the token have been scammed.
In the incident, the address 0xc997…8f25 exchanged 100,100,100,100,100,100,100.1001 WEB for approximately $218,000 worth of 921.36 BNB. Thus, while the scammer obtained thousands of dollars, those who invested in the altcoin were left empty-handed.
The last rug pull incident occurred in CRE. Like the other altcoin examples, CRE’s price also dropped by 100%. The token was exchanged with a large amount of WBNB. PeckShieldAlert reported that the address 0xF0F2…C606 exchanged 100,100,100,100,100,100,100.1001 CRE for 988.63 WBNB worth $233,700.
Investors in the world of cryptocurrencies need to be cautious against such incidents. Just like in any other field, it should not be forgotten that there can be bad actors in the crypto space. Moreover, when investing in a cryptocurrency, it is important to conduct thorough research. Pay close attention to the project’s infrastructure, teams, and the gap it fills in the world. Otherwise, there may be no turning back from the negative consequences.
