ArbShibAI Is Suspected Rug Pull When 4.312 Billion AISHB Liquidity Was Identified Being Withdrawn
- ArbShibAI, a meme project, has been identified as a rug pull project, with about 32.74 ETH and 4.312 billion AISHB liquidity withdrawn.
- Currently, the project’s official Twitter account has been disabled, and only followers may access its tweets.
The ArbShibAI project is suspected of having a Rug Pull, and access to the official Twitter account is restricted.
The ArbShibAI meme project is suspected of having a rug pull on April 18, 2023, with a total of about 32.74 ETH and 4.312 billion AISHB liquidity withdrawn. Furthermore, only approved followers can now view its messages on its official Twitter account.
ArbShibAI is a community-driven meme project that intends to provide its users with an entertaining and engaging experience while also offering liquidity and rewards to its investors. The initiative has gained traction in recent weeks as a result of its novel approach to combine memes with decentralized finance.
As the cryptocurrency industry has grown in popularity, so have the number of scammers looking for a fast cash. Although some cryptocurrency scams employ traditional fraud strategies like as Ponzi schemes, rug pulls have become common in Web3. Rug pull criminals frequently employ novel tactics, like as malicious smart contract programming, catching many retail investors by unaware while developers depart with millions.
A rug pull is a cryptocurrency scam in which fraudsters misrepresent to the public in order to acquire investment and then steal investors’ digital tokens.
To attract as many retail investors as possible, developers behind rug pulls frequently promote their tokens on social media channels. When a sufficient number of people invest in this scam enterprise, the developers transfer the depositors’ crypto to their wallets or cash out on a cryptocurrency exchange.
Rug pulls are frequent in DeFi (decentralized financial) apps. Because DeFi is essentially decentralized and highly unregulated, it is simpler for fraudsters to conceal their identities and steal enormous sums of cryptocurrency. However, not all scammers are required to remain anonymous.
There has recently been no formal announcement from the project on this action.
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