Rug pulls, a type of cryptocurrency scam, involve sudden and intentional devaluation of specific tokens, with the culprits exchanging the affected tokens for Ethereum (ETH). The meme coins impacted by these rug pulls have been identified as MEME, MEMEPAD, and TITANX.
According to PeckShield, leading blockchain security firm, the MEME token on Ethereum experienced a shocking 100% devaluation. The address 0xBd7265871 swapped 4,854,740,126,240,000 MEME tokens for about 43.68 ETH.
The fraudulent token shared the same name as the legitimate MEME token, adding to the confusion.
Similarly, the MEMEPAD token on Ethereum suffered an identical 100% value drop. Address 0xBd7265871 swapped 4,854,740,126,240,000 MEMEPAD tokens for around 44.84 ETH.
Again, the scam token shared the same name as the genuine MEMEPAD token. Additionally, the TITANX token, launched on October 28, experienced a staggering 100% decline. 0xBd7265871 swapped 4,854,740,126,240,000 TITANX tokens for about 46 ETH.
In a series of riveting events, the Fantom (FTM) Foundation finds itself caught in an enthralling tale of shattered finances and lightning-fast token swaps. PeckShield, a prominent cybersecurity organization, has documented two significant occurrences affecting the financial state of the Fantom Foundation, resulting in substantial losses.
The initial incident took place on October 17, 2023, wherein wallets linked to the Fantom Foundation experienced an alarming drain of approximately $7 million in various cryptocurrencies, encompassing approximately 4,500 ETH.
Additionally, on October 26, the Fantom Foundation faced another devastating event. An unidentified entity, the "Fantom Foundation Drainer," executed a bold move by swapping a staggering 8,087,377.97 DAI for 4,560.52 ETH.
The gravity of the situation intensified when the Fantom Foundation Drainer swiftly executed another swap on October 30, converting the 4,560.52 ETH back into approximately 8.3 million DAI within a mere 30 minutes.
The Fantom Foundation is now faced with the daunting task of investigating the breaches, identifying the culprits, and fortifying its security infrastructure to prevent future incidents.
Despite recent developments, the native token of the Fantom protocol, FTM, is currently trading at a value of $0.2388, reflecting a 1% increase over the past 24 hours.
It is worth noting that the token has experienced a significant surge across multiple time frames. At present, it continues to exhibit an upward trend, with notable gains of over 6% and 30% in the seven-day and fourteen-day periods, respectively.
Furthermore, over the year-to-date period, the token has showcased a commendable 5% increase, further indicating its positive performance and promising growth trajectory.
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