WhaleFarm Token Drops 99% After $2.3 Million ‘Rug Pull’

WhaleFarm Token drops 99% after $2.3 million 'rug pull'

There has been another fraud event in the crypto money and DeFi universe. The managers of a project called WhaleFarm, which works with a completely anonymous team and promises high incomes to its investors, got lost with a fund of 2.3 million dollars.
DeFi project WhaleFarm, which recently launched the ‘farming’ feature and offered very high incomes to its investors, stole 2.3 million dollars from its investors this week. The project’s own token also fell from about $220 to zero ($0.20), depreciating nearly 100 percent in minutes.

7 million annual interest

In early June, the project promised approximately 7 million percent interest (7 million 217 thousand 848) on cryptocurrencies, including BNB, BUSD, USDT, BTC, ETH, ADA, DOT, and LINK. Although the investors did not fully believe the numbers promised by the project, the rise in a short time attracted attention. The project’s own token, WhaleFarm Token, also kept up with this rise. However, it soon became clear that WhaleFarm was a scam, as many projects in the DeFi industry promised unbelievably high revenues.

Once the team is completely anonymous…

In fact, the project was showing very clearly the signals of fraud. The project team was anonymous. No one’s true identity was revealed. Following the withdrawal of $2.3 million in funds from the project, the team also shut down its Twitter page and Telegram group.

TITAN was also reset

This incident occurred when what happened on TITAN in the DeFi industry was still fresh. A few weeks ago, Iron Finance’s token, TITAN, which once had a locked asset value of over $2 billion, fell from $65 to almost zero after panic sales. It is stated that this decline is experienced by the spread of the idea that the only liquidity provider of the TITAN/DAI pool in the Polygon chain is Mark Cuban.

SEE ALSO: What is Binance? Is Binance Safe?

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Caroline Tetra

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