This NFT Project Performed a ‘Rug Pull’!

It is claimed that there was a ‘rug pull’ of over $1 million in the astrology NFT project ‘Lucky Star Currency’. LSC’s distributor account withdrew over $1 million in tokens from the project. He then swapped them for BUSD using PancakeSwap.

NFT project took millions of dollars with rug pull!

Astrology-themed NFT project Lucky Star Currency (LSC) pulled off an exit scam worth over $1 million, Blockchain security firm Certik reported. The project’s distributor account called the ‘withdrawToken’ function in both the NFTMerge and AdwardCenter contracts. He subsequently mined over $1 million worth of LSCs from these. The fraudsters then exchanged these tokens for Binance USD (BUSD). Then he sent it to another account.

Lucky Star Currency is a project that focuses on NFTs and claims to be founded by astrologers. Its contracts include a Rewards Center and NFT Marketplace. It is marketed towards the Chinese crypto investment market. The team is promoting the project on X under the username @AstrAstrol75591. There is also a Telegram channel. As of October 9, the project’s website and user interface are offline. Before rug pull, Lucky Star Currency was heavily promoted by Chinese news app Toutiao and Q&A platform Zhihu.

Fraud may have different dimensions

Scammers removed more than 1.6 million LSCs from the NFT project’s AwardCenter contract. In a second transaction, it offloaded a further 1.4 million LSC from the project’s NFTMerge contract. After draining the funds, the attacker exchanged them for over $1 million worth of BUSD via the Pancake swap. Then he sent it to the account 0x23f8c805306Bf27AB8bf3cEbEce4B778acfFd896. This account has been receiving BUSD from various sources for the last 82 days. This shows that there may be more than one fraud case depositing money into the account. According to Certik, the vacated contracts are listed as official contracts of the project on Telegram.

Admin Telegram post stating official addresses for LSC contracts ‘NFT Merge’ and ‘AwardCenter’. Source: Certik.

In addition, Blockchain data shows that the attacker account was the distributor for the AwardCenter contract. Meanwhile, the company that promoted the project claimed that it had an office in Shenzen, China.

Lucky Star Currency office, Shenzhen, China. Source: Certik, Telegram

Bribes from Chinese projects Web3 have become a recurring problem in the NFT space. cryptokoin.comAs you may have seen from , it is illegal to operate a centralized cryptocurrency exchange in the country. Therefore, users who deposit money into a Chinese protocol with centralized elements may face the risk of having their funds confiscated by the police.

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