In a shocking turn of events on Halloween, the crypto community was rocked by a series of rug pulls, which are a type of cryptocurrency scam. These rug pulls involve sudden drops in the value of specific tokens, accompanied by the perpetrators swapping the tokens for Ethereum (ETH). The meme coins affected by these rug pulls were MEME, MEMEPAD, and TITANX.PeckShield, a well-known blockchain security company, revealed the details of these rug pulls. The MEME token experienced a staggering 100% drop in value, with the address 0xBd72…5871 swapping a massive amount of MEME tokens for ETH. Similarly, the MEMEPAD token suffered the same fate, with the fraudulent address conducting a swap of MEMEPAD tokens for ETH. The TITANX token, which had only been launched two days prior, also experienced a 100% value decline due to a rug pull.Adding to the confusion, these rug pull tokens shared the same names as the legitimate tokens, making it even more deceitful. The rug pulls have caused significant losses for the Fantom Foundation as well. The foundation’s wallets were drained of approximately $7 million worth of cryptocurrencies on October 17, and on October 26, an unidentified entity executed a bold move by swapping a large amount of DAI for ETH. This entity swiftly executed another swap, converting the ETH back into DAI within 30 minutes.The Fantom Foundation now faces the challenging task of investigating these breaches, identifying the culprits, and strengthening its security infrastructure to prevent future incidents. Despite these setbacks, the native token of the Fantom protocol, FTM, has shown positive performance and growth. It is currently trading at $0.2388, reflecting a 1% increase in the past 24 hours. Over various time frames, the token has experienced significant gains, indicating its upward trend and potential for further growth.These developments highlight the ongoing challenges and risks within the crypto market, emphasizing the importance of security measures and due diligence when investing in cryptocurrencies.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | negative |
| Relevance Score | 1 |
| People | None |
| Companies | Fantom Foundation, PeckShield |
| Currencies | TitanSwap, Milady Meme Coin, MemePad, Fantom, Ethereum |
| Securities | None |
