- 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.
![](http://bitcoinworld.co.in/wp-content/uploads/ORDEX-Price-Chart-483x300.png)
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.