In a chilling growth on Halloween Day, the crypto neighborhood was hit with disturbing information as PeckShield, a famend blockchain safety firm, revealed a collection of rug pulls over the previous few hours.
Rug pulls, a type of cryptocurrency rip-off, contain sudden and deliberate worth drops in particular tokens, accompanied by the perpetrators swapping the native tokens for Ethereum (ETH). The meme cash affected by the rug pulls had been recognized as MEME, MEMEPAD, and TITANX.
A number of Rug Pulls Shake Crypto Market On Halloween
In accordance with PeckShield’s X (previously Twitter) put up, the MEME token on the Ethereum blockchain skilled a jaw-dropping 100% drop in worth. The handle 0xBd72…5871 was liable for swapping a staggering 4,854,740,126,240,000 MEME tokens for about 43.68 ETH.
It is very important observe that the rug pull token shared the identical title because the authentic MEME token, including to the confusion.
Equally, the MEMEPAD token on Ethereum suffered an equivalent 100% worth drop. The handle 0xBd72…5871 performed a swap of 4,854,740,126,240,000 MEMEPAD tokens for round 44.84 ETH.
As soon as once more, the fraudulent crypto rug pull shared the identical title as the real MEMEPAD token, compounding the deceitful nature of the rip-off.
Moreover, the TITANX token launched two days in the past, October 28, on Ethereum skilled a staggering 100% worth decline.
The handle 0xBd72…5871 executed a swap of 4,854,740,126,240,000 TITANX tokens for about 46 ETH. Mirroring the earlier cases, the rug pull token masqueraded below the identical title because the authentic TITANX crypto token.
Fantom Basis Funds Vanish
In alarming occasions, the Fantom (FTM) Basis finds itself entangled in a harrowing story of fund drains and swift token swaps. PeckShield has reported two important incidents involving the Fantom Basis’s funds, leaving the group with substantial losses.
The primary incident occurred on October 17, 2023, when wallets related to the Fantom Basis had been drained of roughly $7 million price of cryptocurrencies, equal to round 4,500 ETH.
Moreover, on October 26, the Fantom Basis confronted one other devastating occasion. An unidentified entity, the “Fantom Basis Drainer,” executed a daring transfer by swapping a staggering 8,087,377.97 DAI for 4,560.52 ETH.
The gravity of the scenario intensified when the Fantom Basis Drainer swiftly executed one other swap on October 30, changing the 4,560.52 ETH again into roughly 8.3 million DAI inside a mere half-hour.
The Fantom Basis is now confronted with the daunting activity of investigating the breaches, figuring out the culprits, and fortifying its safety infrastructure to forestall future incidents.
Regardless of latest developments, the native token of the Fantom protocol, FTM, is buying and selling at $0.2388, reflecting a 1% enhance prior to now 24 hours.
Notably, the token has skilled a considerable surge throughout numerous time frames. Presently, it has maintained an upward pattern, with beneficial properties of over 6% and 30% within the seven-day and fourteen-day intervals, respectively.
Over the year-to-date interval, the token has recorded a 5% enhance. These figures point out the token’s constructive efficiency and development trajectory.
Featured picture from Shutterstock, chart from TradingView.com
