A newly launched token collapsed badly within an hour because of a malicious smart contract.
The crypto & blockchain industry is decentralized and here everyone is free to launch his crypto project without any legal registration but this freedom is not healthy for innovative crypto projects.
Recently a new crypto token launched on the Uniswap decentralized crypto exchange. This new token is called the PNDX token and was promoted by Pauly on social media.
The project team behind this token inserted liquidity in the PNDX token pool on the Uniswap exchange but within an hour token trade price collapsed to zero.
So all the PNDX token holders & early buyers lost their money within an hour of the official launch of this token.
Reports noted that the backend project team is fully responsible for the incident, as they failed to develop a perfect smart contract. PNDX token smart-contract was malicious & any person was able to sell other’s PNDX token holdings.
However a person generated $700,000 with only a $10,000 investment in this token but overall, the incident resulted in a net loss of $2.2 million.
Some crypto Twitter users claimed that scammers are no one, instead it was core team behind this token. Now it will be interesting to see more outcomes, after a deep investigation to uncover the real culprits behind the whole game.
Just before 28 July 2023, another new crypto token “Tetris” was launched. The price of Tetris token surged 1000 folds within 24 hours of the launch.
At the time the majority of the people called Tetris a scam crypto token and suggested people to remain away.
The current trade price of this token is trading below $0.0000255, which is 1700 folds down over the all-time high trade price.
These types of reports against new crypto tokens are basically a type of alarm for the crypto traders. People should never invest in any crypto project without any deep investigation and never follow any social media influencer blindly.
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