Stablemagnet token has just made a rug pull. An act that has defrauded millions of holders and made them lose over $22m to the project.
They used the Any Swap Network, a notorious network for rug pulling, to remove the money within the twinkle of an eye.
According to Cryptoangle, they are still using permission to steal more money. Thereby encouraging holders to revoke permissions with prompt alacrity. Having noticed some few other rug pull on the Binance Smartchain before, many users are urging the Binance Smartchain to fortify the security system and provide no entry or exit for these scammers.
Indeed, it’s quite frustrating that fake cryptocurrency projects are discovering new ways to carry out rug pull every day. At present, the websites and social media handles of Stablemagnet are not on the server and subsequently down. This further affirms that it was a planned rug.
On this note, cryptocurrency holders and traders are advised to be careful in their investment and always check the validity of each project to have a better guess of whether or not it will last.
Sequel to this incident, the Binance Smartchain team are reportedly working underground to fashion out better ways to secure the platform from fraudsters and provide a better user experience.
Be that as it may, everyone is reminded to revoke permissions so these scammers won’t be able to steal more funds.