Markets News Report
October 10, 2023

FSL Token Faces Rug Pull Claims with $1.68 Million Reported Losses

In Brief

FSL token on BNB Chain initiative faces allegations of a Rug Pull with an estimated loss of around US$1.68 million.

FSL Token Faces Rug Pull Claims with $1.68 Million Reported Losses

The security risk monitoring platform Beosin EagleEye has identified potential foul play involving the FSL token project. Beosin’s analytics point to what appears to be a ‘Rug Pull‘ tactic that led to a hefty loss of approximately $1.68 million for investors.

Delving deeper into the details, Beosin’s security team uncovered a series of questionable transactions tied to the FSL project. It appears that the creator of the FSL project, operating from an address beginning with 0x281b, conveniently minted a whopping 100 million FSL tokens exclusively for personal gain when the project was initially launched.

In the lead-up to the apparent scam, Beosin’s tracking system discovered a significant movement of tokens. Specifically, the 0x281b address transferred a sizable chunk of 9.7 million FSL tokens to another address, prefixed with 0x7249.

This subsequent address then promptly traded these tokens, amassing a value of 1.68 million USDT. Shortly after, the involved party exchanged the funds for BNB cryptocurrency and swiftly moved them to Tornado.Cash, a privacy-focused platform, complicating any further tracking efforts.

Such incidents underscore the inherent risks associated with the rapidly evolving world of cryptocurrencies. As the crypto market continues to garner mainstream attention, the need for vigilant oversight and security measures becomes increasingly paramount.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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