Web3Memes ($W3M) Develop Team Rugs $235K From Investors

$W3M Lost Almost 100% Value

Blockchain security firm PeckShield revealed on February 23 that developers behind Web3Memes (W3M), a Binance Smart Chain-based memecoin, drained the token’s liquidity pools of nearly 625 Binance Coins (BNB).

$W3M saw over 1,800 transactions and over 1,000 holders, at the time of writing. Five hours after its issuance, the anonymous developers pulled W3M token’s liquidity. After the rug pull, Web3memes token’s prices plummeted from highs of $0.000000204 to under $0.00000000277, a near 100% drop.

Anyone on BSC or other networks can issue tokens like Web3Memes. Issuers can then pair such tokens with another popular token, such as Tether or BNB, and list the pair on a decentralized exchange as initial liquidity. Instead of third parties or centralized entities, the process is completely automated and relies on smart contracts.

According to reports, rug pull stole over $2.8 billion from investors in 2021. During the year, it accounted for 37% of all scam revenue, compared to just 1% in 2020.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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