Leading security firm PeckShieldAlert reported that the price of an altcoin called DMA has experienced a massive drop. The unfortunate event occurred a day after the token’s value reached an all-time high of $1.82 yesterday.
PeckShieldAlert noted that after the “rug pull”, Dragoma developers deleted their social media accounts, and the project’s website was also shut down. PeckShieldAlert also said the stolen funds were suspected to be deposited on an unnamed centralized cryptocurrency exchange. stated.
#PeckShieldAlert #rugpull Dragoma $DMA ten polygon rugged. $DMA has dropped -99.7%.
The website https://t.co/2OJWlGqBtQ seems down and the social media channel deleted. The stolen funds seem like deposit into centralized exchanges. pic.twitter.com/ksJifCo0GH— PeckShieldAlert (@PeckShieldAlert) August 8, 2022
For now, it’s unclear how much has been stolen from investors.
Koinfinans.com As we have reported, the unfortunate event occurred shortly after MEXC Global announced that it would list the DMA/USDT pair. After MEXC announced that it would list the DMA, investors were excited about the token’s potential. Many investors rushed to buy more of the token before it was officially listed on MEXC. Therefore, the announcement played an important role in pushing the altcoin price to an all-time high of $1.8.
Unfortunately, investors were unaware of the “rug pull” scheme behind the project.
Dragoma has become the latest altcoin to join the list of malicious cryptocurrency projects that have inflicted huge losses on investors.
What Is This Rug Pull?
The fraud method where crypto money developers stop trading after attracting buyers and increasing the value of the money, fleeing with the money they have obtained, leaving the crypto money illiquid is called “rug pull”.
Events such as projects like Dragoma starting from scratch and ending in disappointment have happened several times in the crypto market before. In fact, the Thodex case in Turkey can be given as an example. In the Thodex case, the CEO of the exchange disappeared shortly after the exchange stopped withdrawals. Users lost more than $2 billion in cryptocurrencies.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.