On July 30, a meme coin called BaldBaseBald (BALD) launched on Base Network, Coinbase’s new Layer 2 built on Optimism. The coin referenced Brian Armstrong, Coinbase’s “bald” founder, and quickly became a coordination point for speculators on the frontier chain. Within two days, the token had reached a market cap of $100 million, with over…
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The BALD memecoin collapsed in price as collectors alleged an exit scam, but the developer claims not to have sold any coins. A new memecoin on Coinbase’s Base network fell 85% after its developer allegedly pulled 1,034 Ether in liquidity, worth approximately $1.9 million, from the market, according to social media reports and blockchain data.…
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A Redditor described the developer’s gambling addiction excuse as a “weird way to rug,” as projects usually just run away and delete all the evidence. According to a Reddit post, a developer has posted an unusual farewell note, apologizing and blaming his online gambling woes after leaving a project in shambles, turning a $2 million…
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Hackers stole about $471 million in the first six months of 2023 and the theft of $197 million from Euler Finance in March was the single biggest hacking incident in the period, the latest Beosin Web3 report has shown. Contract vulnerability was the most common (60) type of attack during the period with losses of…
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According to several reports, Chibi Finance, the decentralized finance (defi) platform built on top of Arbitrum, allegedly executed an exit scam on its users. Blockchain intelligence firm Peckshield provided a detailed account, revealing that approximately $1 million worth of cryptocurrency assets were illicitly withdrawn and converted into Ethereum. Chiba Finance Becomes 12th Defi Platform on…
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CertiK has contacted law enforcement in the United States and the United Kingdom to find the pseudonymous operators. Smart contract auditor CertiK claims to have blocked $160,000 from Merlin, a zkSync-based decentralized exchange that has been the center of a rogue insider “rugpull” that lost users $1.8 million last week. CertiK shared the news of…
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The Friendsies NFT collection responded to accusations it was behind a $5 million rug pull after announcing a “pause” of the project. The team behind nonfungible token collection Friendsies has refuted claims they are “abandoning” the NFT project following a tsunami of “rug pull” accusations. On Feb. 21, the founders behind the NFT project told…
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Plaintiff Don Holland has filed a lawsuit against CryptoZoo and Logan Paul, alleging the YouTube influencer’s “fraudulent venture” executed a “rug pull.” CryptoZoo and Logan Paul have been named as defendants in a newly filed class-action lawsuit, which alleges they stole millions of dollars worth of purchaser’s cryptocurrency via a “fraudulent venture.” In a court…
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The blockchain security firm has uncovered a new tactic used by crypto scammers as the industry continues to improve its fraud detection capabilities. Crypto scammers have been accessing a “cheap and easy” black market of individuals willing to put their name and face on fraudulent projects — all for the low price of $8, blockchain…
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Solidus Labs, which has been monitoring 12 leading blockchains, has detected a majority of scam-like tokens originating from Binance’s BNB Chain. The Web3 and cryptocurrency space is seeing a significant amount of smart contract scams proliferating, with blockchain risk monitoring firm Solidus Labs saying it has detected on average 15 newly deployed scams every hour.…
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