- ORDEX token value plummeted to zero in under an hour due to a rug pull scheme, causing a loss of over $70,000.
- Fraudsters have previously exploited similar schemes, like the fake GEMINI token rug pull, stealing significant funds.
- Traders should verify ticker symbols on decentralized exchanges and be wary of low market capitalization tokens.
The Ordinal DEX (ORDEX) token dropped to 0 in less than one hour as the team conducted a rug pull.
Ordinals have been the center of attention amongst the crypto community in 2023.
However, every new narrative also motivates fraudsters to create fraud tokens and scam unaware investors.
See Also: The Price Of Solana (SOL) Up More Than 4% In 24 Hours
ORDEX Rug Pull: More Than $70,000 Lost
According to PeckShield, an address that starts with 0xea81 swapped one quadrillion ORDEX tokens for 30.96 Ethereum (ETH) worth approximately $70,600.
Hence, the token dropped to 0 in less than one hour on Uniswap. PeckShield informed its viewers:
“The #rugpull token shares the same name as the legitimate ones”
#PeckShieldAlert Ordinal Dex $ORDEX has dropped -100%
The address 0xea81…9e31 has swapped 1,000,000,000,000,000 $ORDEX for 30.96 $ETH (~$70.6K)
*Note*: The #rugpull token shares the same name as the legitimate ones pic.twitter.com/wmyYtffWAH— PeckShieldAlert (@PeckShieldAlert) December 25, 2023
Previously, a similar incident happened with a fake GEMINI token on December 7.
#PeckShieldAlert #slippage Gemini Ai $Gemini has dropped -99.58%
The address 0x6Caa…3129 has swapped 4,248,342,655,043,365.9 $GEMINI for 133.97 $WETH (~$299.7K)
*Note*: The #rugpull token may share the same name as the legitimate ones pic.twitter.com/ST60nxpWYI— PeckShieldAlert (@PeckShieldAlert) December 7, 2023
PeckShield mentioned that the bad actors converted 4.2 quadrillion GEMINI tokens to 133.97 Wrapped Ethereum (WETH) and conducted a rug pull.
Sometimes, the scammers may use tickers that spell similar to that of the legitimate project.
For example, an imposter project of the Islamic Coin (ISLM) with the ticker – ISLAMIC was trading on the BNB chain. Then, on October 11, the scammers dumped one quadrillion ISLAMIC, stealing over $150,000.
See Also: Curve Finance To Refund Affected Users In July Hack Exploit
While using decentralized exchanges, traders should cross-verify if they are trading the coins with the correct ticker symbols.
Furthermore, certain crypto data aggregator tools may give detailed information on where a specific crypto token is listed.
Moreover, tokens with extremely low market capitalization have a high probability of a rug pull. Prices of such tokens can be easily manipulated, and they are also subject to higher volatility.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.