In a shocking incident, the cryptocurrency community has witnessed a new case of altcoin rug pull. After the rug pull incident was announced by data sources, the coin price dropped by 99 percent. Here are the details…
Altcoin suffered a rug pull: Its price collapsed
The cryptocurrency space has witnessed a rug-pull on BNB Chain, which includes the on-chain project known as Lucky Star Currency (LSC). According to monitoring by Beosin Alert, the malicious exploit caused LSC’s token value to drop from $2.8 to just $0.04. This resulted in a staggering $1.1 million profit for the hacker. Beosin Alert, a prominent crypto security firm, issued a stern warning on Twitter on October 9. In his post, he warned the community about the unfortunate incident. The tweet included the following statements:
Luck Star Currency (LSC) on BNB Chain experienced a rug pull of $1.1 million. LSC price dropped from $2.8 to $0.04.
🚨Lucky star Currency $LSC on BNB Chain rugged for ~$1.1M. $LSC price dropped from $2.8 to $0.04.
Contract:
0x2b3559c3DBdB294cbb71f2B30a693F4C6be6132d pic.twitter.com/hHKZLdz4mR— Beosin Alert (@BeosinAlert) October 9, 2023
The rug pull incident sent shockwaves throughout the cryptocurrency industry. He reiterated the importance of exercising due diligence when investing in the volatile world of crypto assets. The malicious actor behind rug pull attracted significant funds by exploiting vulnerabilities in the project’s smart contract. This sudden and significant withdrawal of assets caused the altcoin value to plummet, leaving investors stunned. The Lucky Star Currency smart contract address associated with the event is 0x2b3559c3DBdB294cbb71f2B30a693F4C6be6132d. This address became infamous after the rug pull.
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