Over $320,000 Lost to Rug Pulls in a Single Day

Together with the exit scams conducted last week, the total damage caused by rug pulls has surpassed $600,000.

A rug covered with coins
The latest rug pulls involve scam tokens that share their names with prominent projects, including Credix.finance, among others.

Cybersecurity firm PeckShield has shared news on two recently detected rug pulls with its X community. The PeckShield team detected a 100% price drop in the token DOR after the deployers swapped 100,100,100,100,100,100,100.1 tokens for 1,014.39 WBNB, worth nearly $258,500.

DOR scam token chart
Source: PeckShield, X

Another exit scam occurred yesterday and affected CredixFinance investors. In this case, the deployers swapped 2,200,000,000,000,000 tokens for 41.26 WETH, worth $82.9K.

In its posts on exit scams, PeckShield emphasizes that "The rug pull tokens may share the same name as the legitimate ones." It is important to note that giving a scam token the name of a legitimate project is a common tactic used by malicious actors, which helps them lure potential investors more easily.

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There are indeed at least two DOR tokens that do not appear to be related to the recent rug pulls. One of them is, in all likelihood, the token associated with Doragon Land, a "3D tower rush game that integrates the battle card gameplay and blockchain technology to create fast-paced brawls among dragon warriors." This game offers NFT rewards and DOR tokens to players participating in duels. Despite a substantial decline of 12.81%, the token traded at 0.000063 at press time, according to CoinMarketCap.

Another token with the same name now belongs to the blockchain microservice operating system Constellation Network. According to the official Dor’s website, the project behind this token "was founded by two ex-Apple engineers in 2015 and funded by prominent VCs such as Zetta Ventures, Bolt Ventures, BCV, Conductive Ventures, RevTech Ventures, Precursor Ventures, and Vertex Ventures in Seed and Series A rounds with a total investment of more than 15 million dollars." The token was valued at $0.230158 at press time and was listed on another popular cryptocurrency data aggregator, CoinGecko, just two days ago.

Meanwhile, Credix.finance is a growing platform designed "to connect institutional investors globally with credit opportunities," and it is constantly receiving updates from its team. For instance, yesterday, Credix announced the release of a new feature in its application that enables portfolio performance visualization.

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According to another blockchain security firm, SlowMist, there were at least four reports of rug pulls last week, with the largest one affecting the PIPI token. Its investors lost a total of $121,373. However, the financial damage caused by one of the exit scams, which compromised the Lendora Protocol, remains unknown.