WhaleFarm Token Crashes 99% in a $2.3 Million Rug Pull
Another rug pull from a DeFi project has seen in the cryptocurrency space that promised millions of percentages in returns.
Whale Farm, the leading project on Binance Smart Chain, has stolen over $2 million from investors in the latest rug pull in the space. Somewhat expectedly, its native cryptocurrency’s value plummeted by almost 100% in minutes.
WhaleFarm, which was launched earlier this month started with high promises for investors as it offered the stake of numerous coins, including BNB, BUSD, USDT, BTC, ETH, ADA, DOT, and LINK, to earn up to 7,217,848% APY.
Although this percentage sounds too good to be true, the project actually saw some growth, and its native coin – WhaleFarm Token – surged in value.
As it sometimes happens in the DeFi space, though, especially when the promised returns are blown out of proportion, it turned out to be a scam.
Crypto commentator – Mr.Whale – pointed out, the warning signs were there. Apart from the 7,217,848% APY promised, the team was entirely anonymous.
That same team has deleted the Twitter page and the official Telegram group, which could serve as proof that this was indeed a rug pull. Early estimations show that the stolen amount is around $2.3 million.
As the graph below demonstrates, the WhaleFarm Token has dumped by almost 100% in minutes and currently still trades below $0.20.
Rug pulls in the cryptocurrency, and especially the DeFi, space are not uncommon. CryptoPotato has reported multiple such examples in the past. TurtleDex, which drained $2.5 million in Binance Coin and Uranium Finance was one of the most recent examples in late April, with about $50 million gone.
