Polygon Technology Experiences A Rug Pull

DeFi data metrics DeFiPulse states there are now $65 Billion in all of DeFi projects with Polygon ranking fifth overall with $7.2 Billion in TVL.

Polygon is an Ethereum-based scaling solution that boosts of faster transaction with a fraction of fee compared to Ethereum.

With more dApps and projects building on Polygon,there have been incidents of rug pulling.

One project to recently exit is PolyButterfly which stole 600.5 ETH worth $1.5 Million,according to twitter account RugSteemer.

Although it is not as big as hacks with Ethereum and Binance Smart Chain,it is worth noting that this is one of the setbacks when more people are getting accustomed to it.

So a gentle reminder to always be careful in investing your hard earned money and to always do your own research.

#SmartCrypto