As Cryptokoin.com reported, the crypto money market faced a new fraud and Rug-Pull news. While investors were disappointed with the Rug-pull realized in this Arbitrum-based altcoin project, the price of the altcoin project dropped 100 percent and was reset! Here are the details…
A new Rug-pull case: “Theft of $3M in altcoins!”
As you know, the crypto money market has been facing fraud news in many crypto money projects since 2022. While the theft of funds, especially in DeFi projects, disappointed many investors, the latest fraud news came from an Arbitrum (ARB)-based altcoin project. PeckShield Alert, one of the popular onchain security companies, has recently announced a rug-pull scam for Swaprum (SAPR), a decentralized exchange (DEX) operating on the Layer-2 blockchain network Arbitrum.
#PeckShieldAler #rugpull @Swaprum on #Arbitrum rugged ~$3M, $SAPR has dropped -100%. @Swaprum already deleted its social accounts/groups.
The scammers have bridged ~1,628 $ETH to #Ethereum and laundered 1,620 $ETH to Tornado Cashhttps://t.co/tUNgbwGQCd pic.twitter.com/UH8V9RyFHy— PeckShieldAlert (@PeckShieldAlert) May 19, 2023
According to the transferred data, the Swaprum team removed a liquidity opened against SAPR on the exchange and offered the exchange tokens for sale in exchange for Ethereum. With this latest move by the Swaprum team, the Swaprum (SAPR) price has lost more than 100 percent of its value, and many investors have faced huge losses due to this fraudulent transaction. The DEX Swaprum team received 1,628 ETH worth about $3 million in exchange for SAPR coins. With these data approved by PeckShield, the Swaprum team tried to lose track of the ETH they obtained by transferring them to Tornado Cash. As you know, although Tornado Cash is a platform used for fraudulent purposes, it cannot be claimed that anyone interacting with this platform is a fraud.
The team is trying to cover their tracks
On the other hand, the Swaprum team is trying to erase its trace from social media platforms. The Arbitrum-based coin’s team deleted its accounts on Twitter, Telegram, and GitHub overnight. The official website is still active. On the other hand, with the Swaprum team exchanging SAPR tokens for 1,628 ETH, the SAPR price seems to have been reset by losing more than 100 percent. Although many investors expressed their reactions on Twitter in the face of this fraudulent process, it may be too late for everything. After a long period of increasing fraud, experts think that the upcoming regulatory environment could wipe out many cryptocurrencies and eliminate such situations.
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