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BTC $42004.24 (-1.6%)
ETH $2872.38 (-4.4%)
USDT $1.00 (0.02%)
BCH $516.87 (-3.2%)
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BNB $353.78 (-1.9%)
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DOGE $0.20 (0.98%)

Self-titled Crypto Watch ‘War on Rugs’ Exit-Scams Users

Self-titled Crypto Watch ‘War on Rugs’ Exit-Scams Users
  • Self-titled crypto watchdog War on Rugs scams users ‘for their own good’.
  • War on Rugs audits smart contracts and warns others it thinks is vulnerable to abuse.
  • WoR and Fairmoon took an estimated amount of $2.3 million after disappearance.

War on Rugs (WoR), a self-titled anti-scam crypto watchdog has scammed and exited the cryptosphere.  It presented itself as a resource for monitoring a DeFi project’s credentials.

Initially, this self-described collective of smart auditors and blockchain developers warned users of projects it thought were vulnerable.

Now, with a series of tweets it later deleted, the individual/group has taken its exit from the community. The posts, later deleted, expressed the apparent frustration of WoR at the number of low credibility projects and how easily people trusted them. It ended with the claim that WoR’s actions were for the users’ own good.

Just last week, the group launched its Rug Ethereum token (RETH). This launch was an ironic response to Ethereum founder Buterin’s decision to liquidate the holdings of Shiba Inu.

Of note, the RETH project charged a 4% tax on every transaction. From this, holders of the project will get two percent, who will then borrow ETH for the remaining amount. Furthermore, RETH gathered more than 9,000 holders in just a week.

Other than that, WoR audited Fairmoon, a clone of Safemoon. Fairmoon is a token that discourages selling by taxing transactions and redistributing its token to holders. Meanwhile, WoR is not a fan of Safemoon nor Fairmoon.

Last night, both RETH and FAIR got rug pulled. Both smart contracts have been reset making it worthless to sell. According to a tweet, Shappy, one of the leaders of WoR, has betrayed the community.

With that said, Fairmoon has lost nearly 100% of its value since yesterday. Also, trading activity for RETH is almost non-existent.

According to WoR rival SaferDeFi, this rug pull has been going on since Fairmoon’s audit. SaferDeFi alleges FAIR’s central wallet was split to disguise the concentration among the holders. Besides, Each of those wallets dumped $1.8 million holdings when FAIR hit an all-time high.

Finally, between the liquidations and today’s disappearance, the WoR and Fairmoon took an estimated amount of $2.3 million.

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Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.