SuperFox Rugged: Prices down by -99.99% (BSC)

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Key Takeaways:

  • PeckShield informed people that SuperFox ($SPF) has been rugged. 
  • The SPF (Super Fox) Price dropped -99.99% (BSC).
Superfox Rugged
SuperFox Rugged

This morning PeckShield informed people that they have detected a rug pull. They informed people that SuperFox ($SPF) has been rugged. The deployer drained the funds in PancakeSwap. The rugged funds were held in this wallet. The SPF(Super Fox) Price dropped -99.99%(BSC).

Rug pulls are most common in the decentralized finance (DeFi) ecosystem, particularly on decentralized exchanges (DEXs), where malicious individuals create a token, list it on a DEX, and then pair it with a popular cryptocurrency such as Ethereum. The creators then withdraw everything from the liquidity pool, driving the coin’s price to zero, after a large number of unsuspecting investors swap their ETH for the listed token. 

According to Grauer, “Rug pulls have accelerated the amount of scamming the crypto space has seen this year. In addition to financial scams, rug pulls have exploited different vulnerabilities in the crypto space. Overall, they have taken $2.8 billion of cryptocurrency.” Despite the fact that rug pulls are a relatively new crime, Grauer believes they are becoming more common in the DeFi ecosystem.

The AnubisDAO case was the year’s second-largest rug pull, with over $58 million in cryptocurrency stolen. AnubisDAO, launched on October 28, 2021, with the promise of providing a decentralized currency backed by a variety of assets. However, there was no website or white paper for the project, and all of the developers used pseudonyms. AnubisDAO miraculously managed to raise nearly $60 million overnight, but all of those funds vanished from AnubisDAO’s liquidity pool 20 hours later. While AnubisDAO demonstrates a large-scale DeFi rug pull, new cases are occurring almost daily. 

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Chaahat Girdhar
Chaahat Girdhar

I'm Chaahat Girdhar, a journalist by profession who's turning her dreams into vision and vision into reality. I'm curious and have an appetite for gaining new knowledge. So I'm looking forward to learning things in the better way possible.

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