Investors of Beast Token (BEAST), a Shibarium-based token, experienced significant losses after the team behind the token executed a rug pull. The team closed all communication channels after draining investors' funds, and at the time of reporting, had not offered any compensation to affected victims. BEAST was listed on the ChewySwap decentralized exchange, and after its launch, the team removed the token's liquidity, causing a sharp decline in price. The price initially surged by 500% but later plummeted by 99.75%. A community-driven scam alert channel warned investors to avoid interacting with BEAST's contract and urged victims to report the scam. The channel also emphasized the need for caution when investing in cryptocurrencies, as rug pulls have been a recurring fraudulent activity in the crypto market. It is crucial for investors to conduct due diligence before investing in any new project.
- Content Editor ( thecryptobasic.com )
- 2024-09-23
Shiba Inu Issues Critical Warning After Rug-Pull on Shibarium