In just half a day today, 2 rug-pull projects have been discovered running away with money. Despite a lot of warnings, the Decentralized Finance (DeFi) and crypto space is still helping successful scammers get big money with their fake projects.
Series of Rug-pull projects
XStable is a cryptocurrency and operates on the Ethereum platform, a new form of a synthetic commodity that works with a free float that over a longer-term achieves and forms a volatility hedge across a basket of cryptocurrencies as well as fiat currencies. It allows the market to freely drive its value while using a part of that information to adjust its supply to create an equilibrium between value and supply.
Today, $XST has dropped -98.4%. The website xstable[.]finance/ seems down and the social media channel deleted.
Blur Finance (BLR) is a cryptocurrency and operates on the BNB Smart Chain platform (BEP20) which was also detected rug-pull when $BLR dropped -99%. The social media channel deleted and nearly $600k were taken on Polygon and BNBChain.
Proper global legislation is yet to be set up, and as a result, many investors have fallen victim to elaborate schemes all over the world. For this reason, due diligence is always recommended before investing in any crypto project. Lastly, invest wisely, only what you’re willing to lose.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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