In the ever-evolving world of Bitcoin and altcoins, investors face numerous risks. Rug pull is the most important source of concern. Recently, there was an unfortunate incident regarding the altcoin MarbleX (MBX). Accordingly, he highlighted the devastating impact these scams can have on crypto enthusiasts.
Shocked the altcoin investor in BNB Chain
The value of altcoin MarbleX, a crypto asset focused on BNB Chain, dropped by 100%. Accordingly, it sent shockwaves through the community. The disastrous event revealed that the founders of the project were engaged in fraudulent activities, shook investor confidence and caused the price to completely reset.
#PeckShieldAlert #slippage MarbleX $MBX front #BNBchain has dropped -100%
0xd937…e80A has swapped 1,000,000,000,000,000 $MBX for 787.65 $BNB and transferred them to 0x3f04…04ED pic.twitter.com/Msw5MJahHR— PeckShieldAlert (@PeckShieldAlert) October 11, 2023
Following the Rug Pull activity, criminals quickly exchanged a mind-boggling 1,000,000,000,000,000 MBX for just 787.65 altcoin BNB. This alarming transaction caught the attention of PeckShield Alert, a trusted blockchain security platform. In its statement, the platform stated that altcoin MBX fell by 100%. It also revealed the transfer between wallets.
What needs to be done for Rug Pull precaution?
The continuation of such events highlights the importance of protecting your crypto investments. Accordingly, there are some precautions to be taken. One of these is to conduct comprehensive research about the projects. It is necessary to conduct extensive research and due diligence before investing in any altcoin project. It is also very important to understand the project’s goals, technology and team. On the other hand, it is necessary to closely monitor indicators such as unlocked liquidity and extremely high returns. Accordingly, all of these could be warning signs of potential fraudulent activity. On the other hand, it is necessary to ensure that the project is audited by reputable third-party audit firms. Thus, an audit can provide an additional layer of security. It is also advantageous to look for projects that impose restrictions on sales orders.
These restrictions can prevent malicious actors from manipulating the altcoin price. On the other hand, another thing to look at is the developer history. Accordingly, it is necessary to investigate the developers of the project. It is also important to choose projects whose codes have been carefully reviewed and reviewed. Reliable developers are the key to the success of any crypto startup. Crypto investors should follow these guidelines. When we look at Kriptokoin.com, investors can minimize their risks of exposure to fraud and fraudulent schemes. Thus, they can protect their investments and contribute to a safer and more secure crypto environment.
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