In the past few days, <a href="https://news.todayq.com/these-6-fake-tokens-plunge-100-millions-of-losses/" rel="noopener noreferrer nofollow">several tokens have experienced a 100% plunge</a> as reported by Todayq News. And recently on January 16, 2024, three more tokens plummeted by 100%, as reported by a crypto security firm PeckshieldAlert on X (previously Twitter). These fake tokens plunge 100% 
According to PeckShieldAlert, these three tokens, namely BorzoiCoin (BORZOI), PulseX Incentive Token (INC), MOE (MOE), and FoxFunnies (FXN), have experienced a 100% drop in value. This drastic decline occurred as their deployer swapped all these tokens for nearly millions worth of BNB. Earlier, we witnessed a similar incident that resulted in millions of losses for the cryptocurrency community.
The first token subjected to this exploitation is BorzoiCoin (BORZOI). Its deployer, with the address 0x2BC6…27e6, swapped 100,100,100,100,100,100,100.1001 BORZOI for approximately 986.4 BNB, worth around $311K. This swap was executed through PancakeSwap.
The second token that experienced a 100% drop is PulseX Incentive Token (INC). The deployer, with the address 0x1203…5880, exchanged 100,100,100,100,100,100,100.1001 INC for approximately 896.9 BNB, equivalent to $282.7K. Throughout this swap, the price of INC plummeted from $3 to $0.0142837. MOE (MOE) is another token that suffered a 100% drop. Its deployer, with the address 0x7cD6…b10B, swapped 100,100,100,100,100,100,100.1001 INC for approximately 1,008.5 BNB, worth around $318K. During this swap, the price of MOE fell from $1.1 to $0.0143197. 
Thelast token affected is FoxFunnies (FXN). Its deployer, with the address 0xba01…9fd3, swapped 100,100,100,100,100,100,100.1001 FXN for approximately 1,001.6 BNB, worth around $316. Essential considerations for retailers and newcomers 
Several commonalities are evident among these incidents, such as the number of tokens swapped, the use of PancakeSwap, the involvement of BNB, and the deceptive use of names similar to legitimate tokens.&nbsp;
These scammers persistently swap these rug-pull tokens, coinciding with the approval of the spot Bitcoin ETF. The rationale might be that novice and retail investors are now inclined towards spot Bitcoin ETFs instead of these cryptocurrencies.
Furthermore, retailers and newcomers must understand the essential factors before investing in crypto, especially if they wish to avoid ETFs. Conducting a thorough analysis, including checking market cap on Coinmarketcap, focusing on top cryptocurrencies by market cap, reviewing white papers, and examining roadmaps or upcoming projects, can help investors make informed decisions and avoid potential regrets in their investments.
Get Crypto Trading Signals from Real Crypto Analysts. Join our Waiting List at todayq.com

Rug-pull alerts! These fake tokens drop by 100%

Todayq News

Other articles published on Jan 16, 2024

Real Axe’s AI-Powered Triumph at Ngee Ann Poly Event

Top Cryptocurrency Picks for Today: ETH, KLAY, CHZ

Tether Responds to UN Report Alleging Involvement in Illicit Activity, Disputes Claims

Solana’s Market Resilience and Future Predictions Amid Crypto Volatility

Solana users lose $4 million to airdrop scammers

Buying Retik Finance (RETIK) at $0.08 Is As Good as Buying Binance Coin (BNB) for $5

Join our free newsletter for daily crypto updates!