In a chilling development on Halloween Day, the crypto community was hit with disturbing news as PeckShield, a renowned blockchain security company, revealed a series of <\/span>rug pulls<\/span><\/a> over the past few hours.<\/span><\/p>\n Rug pulls, a form of <\/span>cryptocurrency scam<\/span><\/a>, involve sudden and deliberate value drops in specific tokens, accompanied by the perpetrators swapping the native tokens for <\/span>Ethereum <\/span><\/a>(ETH). The meme coins affected by the rug pulls were identified as MEME, MEMEPAD, and TITANX.<\/span><\/p>\n According to PeckShield\u2019s X (formerly Twitter) <\/span>post<\/span><\/a>, the MEME token on the Ethereum blockchain experienced a jaw-dropping 100% drop in value. The address 0xBd72\u20265871 was responsible for swapping a staggering 4,854,740,126,240,000 MEME tokens for approximately 43.68 ETH.\u00a0<\/span><\/p>\n It is important to note that the rug pull token shared the same name as the legitimate MEME token, adding to the confusion.<\/span><\/p>\n Similarly, the MEMEPAD token on Ethereum suffered an identical 100% value drop. The address 0xBd72\u20265871 conducted a swap of 4,854,740,126,240,000 MEMEPAD tokens for around 44.84 ETH.\u00a0<\/span><\/p>\n Once again, the fraudulent crypto rug pull shared the same name as the genuine MEMEPAD token, compounding the deceitful nature of the scam.<\/span><\/p>\n Additionally, the TITANX token launched two days ago, October 28, on Ethereum experienced a staggering 100% value decline.\u00a0<\/span><\/p>\n The address 0xBd72\u20265871 executed a swap of 4,854,740,126,240,000 TITANX tokens for approximately 46 ETH. Mirroring the previous instances, the rug pull token masqueraded under the same name as the legitimate TITANX crypto token.<\/span><\/p>\n In <\/span>alarming events<\/span><\/a>, the Fantom (FTM) <\/span>Foundation <\/span><\/a>finds itself entangled in a harrowing tale of fund drains and swift token swaps. PeckShield has reported two significant incidents involving the Fantom Foundation\u2019s finances, leaving the organization with substantial losses.<\/span><\/p>\n The first incident <\/span><\/a>occurred on October 17, 2023, when wallets associated with the Fantom Foundation were drained of approximately $7 million worth of cryptocurrencies, equivalent to around 4,500 ETH.<\/span><\/p>\n Additionally, on October 26, the Fantom Foundation faced another devastating event. An unidentified entity, the \u201cFantom Foundation Drainer,\u201d executed a bold move by swapping a staggering 8,087,377.97 DAI for 4,560.52 ETH.\u00a0<\/span><\/p>\n The gravity of the situation <\/span>intensified <\/span><\/a>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.\u00a0<\/span><\/p>\n 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.\u00a0<\/span><\/p>\nMultiple Rug Pulls Shake Crypto Market On Halloween<\/span><\/h2>\n
Fantom Foundation Funds Vanish<\/span><\/h2>\n