An interesting event drew attention in the altcoin market. The cryptocurrency world witnessed another shocking development when the 2049 Token on Binance Smart Chain (BNB Chain) dropped by 100% on October 12, 2023. The rapid collapse resulted in a staggering loss of approximately $82,000 for investors holding this altcoin. Here are the details…
100 percent bearish for this altcoin project
Rug pull was first detected and reported by PeckShield, a leading Blockchain security monitoring platform. He said on Twitter that 2049 on BNB Chain was experiencing a price “slippage.” This price “shift” was so high that the price changed 100 percent. Meanwhile, there was one wallet that benefited from this change. Wallet “0xfCE2…911e” exchanged 1,000,000,000,000 2049 for approximately 400 BNB. This works out to approximately $82.5.
So, the tweet showed that a wallet identified as 0xfCE2…911e exchanged 1 quadrillion 2049 tokens for approximately 400 Binance Coins (BNB). At the time of transaction, this swap was worth approximately $82,000. This sudden and massive sell-off caused the price of the 2049 token to drop to zero, wiping out all its value within minutes. Investors holding 2049 tokens were shaken by this unexpected event. Rug pull, where the value of a cryptocurrency is deliberately manipulated for fraudulent gains, remains a major concern in the crypto space. Traders and investors are reminded to exercise extreme caution and conduct thorough due diligence before investing in new or lesser-known tokens.
Investors should be vigilant
The 2049 token incident on BNB Chain is a sharp reminder that although the cryptocurrency market is full of opportunities, it is not without pitfalls. Investors must remain vigilant and informed to protect their investments in this dynamic and rapidly evolving industry. Rug pulls, specifically, are a type of crypto scam in which the team or founder of a project abandons the project and suddenly disappears, taking all invested funds with them and leaving investors hanging. Of course, this is often accomplished with little or no warning. This usually happens after a project has raised a lot of money.
#PeckShieldAlert #slippage 2049 $2049 on #BNBChain has dropped -100%
0xfCE2…911e has swapped 1,000,000,000,000,000 $2049 for ~400 $BNB (worth ~$82.5K) pic.twitter.com/1a6QdkXl4Z— PeckShieldAlert (@PeckShieldAlert) October 12, 2023
Unfortunately, rug-pulling is very common in the crypto world. It can also be very difficult to detect them before it is too late. Therefore, it is important to do your research and watch out for red flags before investing in any project. If you suspect a rug-pull, the best thing to do is to exit the altcoin project in question as soon as possible and cut your losses. While you do your research, don’t rely on influencer endorsements either. For example, recently, Coffeezilla (aka Stephen Findeisen), a crypto “scam” researcher on YouTube, called out Bellator MMA fighter Dillon Danis on Twitter for promoting a fake NFT project link that directed fans to a web page detailing all of his past “scams.” He published that he deceived.
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