MEME, MEMEPAD, And TITANX Tokens Collapse, Traders Lose 100%
In a chilling growth on Halloween Day, the crypto group was hit with disturbing information as PeckShield, a famend blockchain safety firm, revealed a sequence 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 have been recognized as MEME, MEMEPAD, and TITANX.
A number of Rug Pulls Shake Crypto Market On Halloween
In line with PeckShield’s X (previously Twitter) post, the MEME token on the Ethereum blockchain skilled a jaw-dropping 100% drop in worth. The tackle 0xBd72…5871 was answerable for swapping a staggering 4,854,740,126,240,000 MEME tokens for roughly 43.68 ETH.
It is very important notice that the rug pull token shared the identical title because the legit MEME token, including to the confusion.
Equally, the MEMEPAD token on Ethereum suffered an similar 100% worth drop. The tackle 0xBd72…5871 carried out 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 tackle 0xBd72…5871 executed a swap of 4,854,740,126,240,000 TITANX tokens for roughly 46 ETH. Mirroring the earlier situations, the rug pull token masqueraded underneath the identical title because the legit TITANX crypto token.
Fantom Basis Funds Vanish
In alarming events, 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 have been drained of roughly $7 million value 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 state of affairs 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 job of investigating the breaches, figuring out the culprits, and fortifying its safety infrastructure to stop future incidents.
Regardless of current developments, the native token of the Fantom protocol, FTM, is buying and selling at $0.2388, reflecting a 1% improve previously 24 hours.
Notably, the token has skilled a considerable surge throughout numerous time frames. Presently, it has maintained an upward development, with good points 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% improve. These figures point out the token’s constructive efficiency and progress trajectory.
Featured picture from Shutterstock, chart from TradingView.com
