Cronos-based crypto lending platform CroLend has shut down its social media platforms and reset the total value of locked assets (TVL).
The decentralized smart contracts platform, Cronos, is working hard to grow and expand its ecosystem. In the Cronos network, especially DeFi and crypto lending platforms stand out. The day-to-day adoption of the crypto industry and the increase in the number of users are also attracting the attention of projects. Projects that are generally marketed through social media channels can reach millions of dollars in investments. One of these projects, CroLend, came to the fore with the DeFi platform it offered on the Cronos network. However, the project made moves that made its users nervous.
Cronos-Based CroLend Annoyed Its Users
According to analysis by PeckShieldAlert, there are problems with the Cronos-based DeFi platform, CroLend. The analytics channel stated that the project has shut down its social media channels and website.
#PeckShieldAlert A PeckShield community contributor has reported that @Crolend_io on @cronos_chain seems to be rugpull. @Crolend_io already deleted its social accounts/groups and the website is down
The stolen funds are sit in https://t.co/1GVBJLcYcy pic.twitter.com/cgMGNXyZZa— PeckShieldAlert (@PeckShieldAlert) December 2, 2022
CroLend’s shutdown of its social media channels and website highlighted investors’ fear of being scammed. In addition, the locked assets of the platform decreased from 600 thousand dollars to zero.
The scam, called a quick carpet pull, has become one of the biggest problems in the crypto industry. Projects can use the interest of investors for very bad purposes.
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