According to security firm PeckShield, Corner, a network that claims to provide blockchain services to businesses, altcoin CornerChain (CNR), defrauded its users with the “rugpull” method.
CornerChain (CNR) Altcoin Price Drops To Almost Zero
The altcoin, which rose to an all-time high of $0.27 on September 6, depreciated by 99.5% from this level and was actually reset.
Built on Binance Smart Chain network cryptocurrencyhad gained more than 149,000% from the bottom before falling.
#PeckShieldAlert PeckShield has detected Cornerchain $CNR has dropped 99.5%. https://t.co/DzI5qJO5bU
The contract is created by @neotericfinance pic.twitter.com/xomGJmvrdw— PeckShieldAlert (@PeckShieldAlert) September 6, 2022
Cornerchain trades on PancakeSwap (V2), a popular decentralized exchange (DEX) that allows BEP-20 token swaps on the BNB chain.
Pancakeswap V2 is the largest exchange in the BNB chain ecosystem and one of the largest DEXs in terms of market share. Users can trade based on a liquidity pool, thanks to the exchange’s automated market maker (AMM) architecture.
Looking at Cornerchain’s Twitter account, most tweets have been deleted, with the exception of the BSC contract address that was published on August 24, and a faint account. Looking at the responses on Twitter, it seems that most users are complaining about not being able to sell their CNR tokens.
In Rugpull scams, malicious people can write codes while programming an altcoin to prevent some investors from selling that token. Such sales barriers indicate that a project has fraudulent characteristics.
Rugpull is a type of cryptocurrency scam where a project pumps its token before it disappears with the funds, leaving investors with a worthless asset.
Rugpull scams happen when fake developers create new tokens, then inflate their price and then sell them until their value is zero.
Rugpull scams, a type of DeFi vulnerability, are one of the most used malicious transactions in the crypto industry.
*Not investment advice.
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