BSC token Cornerchain (CNR) crashes to zero shortly after rallying 149,000% ScamCrypto CNR
The CNR token plunged 99.5% to virtually zero shortly after reaching a new all-time high of $0.27 on Sept. 6. The Binance smart chain -based token rose nearly 149,000% from its all-time low.
Cornerchain trades on PancakeSwap , a popular decentralized exchange , allowing BEP-20 token swaps on the BNB Chain. Pancakeswap V2 is the largest exchange in the BNB Chain ecosystem and one of the top DEXs in terms of market share. Users can trade against a liquidity pool thanks to the exchange's automated market maker architecture.
A look at the Twitter handle of Cornerchain reveals a scanty one with most tweets deleted, except for the BSC contract address posted on Aug. 24. A further peek into responses on Twitter revealed that most users were complaining about not being able to sell their CNR tokens. A malicious actor could program a token to limit some investors' ability to sell it while leaving others unrestricted. These selling limits are telltale indicators of a fraudulent project.
Rug pulls occur when dishonest developers create new crypto tokens, inflate their worth and then extract as much value as they can before leaving them when their value reaches zero. Rug pulls are a type of decentralized finance exploit and the most common exit scam.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ravencoin (RVN) Suddenly Rallies By 11%, and Here's Why$RVN surprises its investors with yet another price rally similar to what we saw back in July and August
Read more »
NFT watchdog Rug Pull Finder gets its own NFT giveaway exploitedTwo people exploited a technical flaw in Rug Pull Finder's new NFT project Bad Guys, leading to hundreds of NFTs unintentionally given out and a huge apology from the team.
Read more »
Kevin O'Leary on his worst 'Shark Tank' investment ever: ‘I lost half a million dollars'Kevin O'Leary, a star investor on ABC's 'Shark Tank,' says he learned to always trust his gut after sinking $500,000 into a telecom startup that 'went to zero.'
Read more »
Bartender goes viral for holding onto a man’s wallet after his cards were declinedThe bartender used the wallet as collateral to ensure the customer paid his tab — which his friend did nearly an hour later.
Read more »
YouTube Nearly Pulled Its Most Profitable Ads Over Elsagate Vids: BookAccording to the new book 'Like, Comment, Subscribe,' a senior executive proposed a drastic solution to the eerie kids content raking in views.
Read more »
Subaru Teases New SUV—Could It Be the Next Crosstrek?The small, rugged Crosstrek is due for replacement soon.
Read more »