The Ordinal DEX (ORDEX) token dropped to 0 in lower than one hour because the crew carried out a rug pull.
Ordinals have been the focal point amongst the crypto group in 2023. Nevertheless, each new narrative additionally motivates fraudsters to create fraud tokens and rip-off unaware traders.
ORDEX Rug Pull: Extra Than $70,000 Misplaced
According to PeckShield, an tackle that begins with 0xea81 swapped one quadrillion ORDEX tokens for 30.96 Ethereum (ETH) value roughly $70,600. Therefore, the token dropped to 0 in lower than one hour on Uniswap. PeckShield knowledgeable its viewers:
“The #rugpull token shares the identical title because the official ones”
Learn extra: What Is a Rug Pull? A Information to the Web3 Rip-off
Beforehand, an identical incident occurred with a faux GEMINI token on December 7. PeckShield mentioned that the dangerous actors transformed 4.2 quadrillion GEMINI tokens to 133.97 Wrapped Ethereum (WETH) and carried out a rug pull.
Typically, the scammers might use tickers that spell just like that of the official undertaking.
For instance, an imposter undertaking of the Islamic Coin (ISLM) with the ticker – ISLAMIC was buying and selling on the BNB chain. Then, on October 11, the scammers dumped one quadrillion ISLAMIC, stealing over $150,000.
Whereas utilizing decentralized exchanges, merchants ought to cross-verify if they’re buying and selling the cash with the right ticker symbols. Moreover, sure crypto knowledge aggregator instruments might give detailed info on the place a particular crypto token is listed.
Furthermore, tokens with extraordinarily low market capitalization have a excessive chance of a rug pull. Costs of such tokens might be simply manipulated, and they’re additionally topic to greater volatility.
Learn extra: 15 Most Widespread Crypto Scams To Look Out For
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