The developers behind the scam project Web3Memes (W3M), a memecoin on Binance Smart Chain (BSC), have extracted nearly 625 Binance Coins (BNB) from the liquidity pools, according to blockchain security firm PeckShield.
The stolen amount is $235,000 at the time of writing, with PeckShield initially reporting the attack, “PeckShield has detected that $Web3Memes has a rug pool at the address 0x5adbffa751abcdfc94d2a81f5657113d37a3494f has deposited 625 BNB to TornadoCash.”
informationOn the blockchain, it was shown that the token was created shortly after, and was listed on PancakeSwap, and shortly thereafter, W3M had more than 1,800 transactions an hour later. And there are over 1000 holdings at the time of writing.
However, the anonymous developer pulled W3M’s liquidity out about five hours after the listing, turning it into the infamous ‘rugpull’, the crypto market term used to refer to the action.
W3M’s price has been dumped from its highs of $0.000000204 to below $0.00000000277 after the rugpull dropped nearly 100%.
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