Is Pragma Money a Scam Project?

Key Takeaways

  • Pragma Money project has posted on their Discord that their Treasury and RFV wallets had a total of ~$1,5M worth of FTM and wFTM removed.
Money Removed
Money Removed

Below is a quick overview of this project.

Pragma Money has described itself as an FTM-Native mathematically enhanced rebase token, offering the highest FIXED APY on FTM and one of the fastest payout in the industry. The token also provides an auto-staking protocol that enables the PRAGMA token to have automatic staking and compounding features at a fixed rate.

Here is the contract address: https://ftmscan.com/address/0xfec3a505f67136033b27618add93329256101b4b

According to CertiK Team, this was the confirmed case of Rugpull. Unfortunately, the project has not posted anything from the last seven days on its Official Twitter Account. But the team has posted on their official Discord announcement stating that Binance has confirmed the perpetrator’s identity.

Binance Wallet Stole Funds
Binance Wallet Stole Funds

Pragma is asking its users who have lost their money to contact their local authorities and provide them with the multisig address so that Binance can release the thief’s identity. Also, this project has previously officially completed Obsidian’s verification process, and Obsidian hold their KYC information on file. Therefore, they are officially verified by Obsidian and have attained the Bronze tier.

Here is the token address: https://ftmscan.com/token/0xfec3a505f67136033b27618add93329256101b4b. It has a supply of 5,401,892,174.75755 tokens. Currently, 3,430 addresses are holding it.

We will recommend our readers to be careful and perform their own research before investing in it. As crypto scams are increasing nowadays, our readers should stay alert.

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Yash Kamal Chaturvedi

Btech Computer Science, Maharshi Dayanand University, Rohtak (2023)