A cryptocurrency platform based on Cronos (Crypto.com) went out of sight with $600,000 after deleting user accounts.
Cronos hosts the crypto market’s latest rug pull operation
The Cronos (CRO) network powered by Crypto.com has witnessed the scam of the lending protocol it hosts, CroLend. CroLend (CRD) shut down all social media accounts and took its website offline on December 2. It also reduced the value of cryptocurrencies locked on its platform to zero. Blockchain security firm PeckShieldAlert described the event as a potential rug pull.
PeckShield reports that all relevant posts and sites associated with CroLend have been shut down. These include the Twitter account and Medium posts, while the website is offline. According to DeFiLlama, CroLend Finance’s TVL dropped to zero after previously peaking at almost $600,000. cryptocoin.comAs you follow, the FLARE project came to the fore in November with a $17 million rug-pull case.
What did CroLend promise?
CroLend was a Cronos-based decentralized lending protocol. Its aim was to provide solutions to its users to lend and borrow money efficiently. It also says on its website that it aims to create a transparent, decentralized market. CroLend’s website is currently down. Its native token CRD is trading at $0.001849, down 1.3% in the last 24 hours, according to data from CMC.
How do I detect if cryptocurrency projects are rug pull?
Rug pull is a form of manipulation in the cryptocurrency world. In Turkish, it is a carpet pulling operation. The phrase “withdrawal” precisely refers to the act of sudden loss of liquidity that leads to a large sale. In this dead-end scam, a DEX’s pool of liquidity is drained, leaving token holders unable to sell their tokens. Simply, a project’s owners and developers abandon the project and run away with the investors’ money. These scams often make excuses that there are bugs in the software, it needs time for maintenance. But it usually keeps the money that investors can never get back with the project owners.
As with any hack or scam, there are ways to identify such projects and protect our investment before it’s too late. Here are some ways to do this:
- Check the liquidity history of the project
- Research the history of the founders
- Control sudden fluctuations in cryptocurrency price
- Don’t be fooled by the high rewards
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