After the project team employed the rug pull method to take more than $2 million from their investors, the recently issued DeFi WhaleFarm tokens dropped 99 percent.
The adage “not all that glitters is gold” has become especially pertinent in the cryptocurrency business, were “profitable” ventures that “promise” their investors a multiplication of capital dozens, if not millions, of times pop up now and then. WhaleFarm, whose developers promised investors a potential annual profit of 7,217,848 percent due to the placement of BTC, ETH, BNB, BUSD, ADA, DOT, and LINK, turned out to be one of them. Yes, the sum is, to put it bluntly, absurd, yet people did contribute to this initiative!
The fact that WhaleFarm was fully anonymous was the icing on the cake. Unlike more ingenious scammers who use neural networks to produce fictitious team members’ names and images carefully, they did not even bother to mask their actual goals. As a result, some investors may wish to be cautious about who they entrust their money to.
Damage to the rug was estimated to be $2.3 million. The attackers quickly cleaned up their social media profiles after the scam was accomplished, erasing their Twitter account and Telegram channel. The token reacted quickly to the incident, plummeting to nearly zero in a few minutes.
We hope that media coverage of such events will have the desired impact. By working together, we will be able to safeguard the funds of most beginner investors who are skeptical of another bunch of scammers’ promises.