Lucky Star Currency Rug Pulls Users of $1.11 Million on Binance Smart Chain
A newly launched token called Lucky Star Currency (LSC) on the Binance Smart Chain (BSC) has deceived its users and caused a loss of $1.11 million. The value of LSC crashed by a staggering 97%, leading to significant financial damage for investors.
AegisWeb3 Alerts Users of the Scam
PeckShield, a blockchain security firm, developed a security protocol called AegisWeb3, which brought attention to the rug pull. AegisWeb3’s alert exposed the emergence of the scam and highlighted the drastic decline in LSC’s value.
The Fraudulent Operation and Swift Fund Transfer
The fraudulent operation was executed by the exit address 0x9Ef, which dumped 3 million LSC tokens, resulting in a profit of approximately $1.11 million in Binance USD (BUSD). The funds were then quickly transferred to another address, 0x23f, to cover their tracks.
Address Connections and Transfers
The 0x9Ef address received the LSC tokens from two addresses associated with the Lucky Star Currency project: 0x409 and 0xae3. Notably, 0x409 sent 1.4 million LSC to the exit address, while 0xae3 transferred 1.6 million LSC. These transfers occurred five hours ago, with the exit address dumping the tokens shortly after receiving them.
LSC’s Drastic Value Drop
As a result of this rug pull, LSC’s value plummeted by 96.78%, falling from $2.88 to $0.04 earlier in the day. Currently, the token is trading at $0.0303 with a market cap of $296K, significantly lower than its previous market cap of $28.7 million.
Increasing Instances of Rug Pulls
The cryptocurrency industry has recently witnessed a surge in rug pulls, where malicious actors take advantage of investors’ eagerness to invest in promising projects. Magnate Finance on Coinbase’s Base network is one such project that followed this pattern.
Hot Take: Users Scammed as Lucky Star Currency Rug Pulls Millions
The rug pull of Lucky Star Currency (LSC) on the Binance Smart Chain highlights the risks and vulnerabilities present in the cryptocurrency market. Investors who trusted this newly launched token suffered significant financial losses as its value crashed by 97%. This incident serves as a reminder to thoroughly research and exercise caution before investing in any cryptocurrency project. With the increasing instances of rug pulls and scams, it is crucial for users to remain vigilant and rely on reputable sources for information and security protocols like AegisWeb3 to protect their investments.
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