The WhaleFarm token got rug pulled out of $2.3 million and it crashed by almost 100% as we can see more in our latest altcoin news today.
The crypto space saw another rug pull from the WhaleFarm token Defi project that promised millions of percentages in returns. The project was built by an anonymous team that launched farming days ago and stole over $2 million from investors in the latest rug pull in the space. The native crypto coin’s price crashed by almost 100% in a few minutes. Launched earlier this month, WhaleFarm offered high promises for investors as it offered to stake coins like BUSD, USDT, BNB, BTC, ETH, ADA, DOT, and LINK to make insane amounts of returns. This percentage sounds too good to be true, the project saw some growth, and its native token surged in value.
WhaleFarm Token is the most recent scam to pull the rug on investors. It’s estimated they stole over $2.3 million.
– Fully anonymous team
– Promised 7.2 million % in returns
– The token is now down -99.99%
– Twitter page deactivated
– Telegram group deleted pic.twitter.com/Ye6CZ9HgUt
— Mr. Whale (@CryptoWhale) June 30, 2021
But as it sometimes happens in the DeFi space, especially when the promised returns are seriously blown out of proportion, this turned out to be a scam. As the popular crypto commentator Mr. Whale noted, the red flags were out there and apart from the 7,217,848% APY promised, the team was anonymous. That same team deleted the Twitter page and the Telegram group which could serve as proof that this was a rug pull. The early estimations show that the stolen amounts are around $2.3 million and as the charts show, the WhaleFarm token dumped 99% of its value in a few minutes and now trades below $0.20. Rug pulls in the DeFi and crypto spaces are not uncommon as we reported a few of those attacks recently.
One of them came from TurtleDEX that drained $2.5 million in Binance Coin and before that was Meerkat Finance which stole $30 million in BNB and BUSD. Uranium finance was one of the new ones with about $50 million wiped out.
Speaking of Rug pulls, we also reported on Mark Cuban likely got hit by an apparent DeFi rug pull from IRON Finance as the bottom crashed out of TITAN which was a part of a multi-chain partial collateralized algorithmic stable coin ecosystem. The price of TITAN dropped to zero and prompted IRON Finance to call for all of the holders to withdraw liquidity from the pools after they were hit with what is called a “bank run.”
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