Business News Report
December 28, 2023

Libra Protocol Creator Transfers 231 Ethereum to Unidentified Addresses, Suspected of Vanishing

In Brief

Libra Protocol is under the suspicion of disappearing as its founder transferred 231 of users’ ETH to multiple unidentified addresses.

Inscription Project Libra Protocol Under Suspicions of Disappearance

Inscription project built on Arbitrum — Libra Protocol is currently under suspicion of disappearing. The project’s founder recently executed a transfer of around 231 Ethereum (ETH) equivalent to $552,000, to multiple unidentified addresses.

Earlier this week the project announced Libra Full Chain Rune public mint, allowing users to transfer 0,005 ETH for the 21,000 Libra Runes, additionally granting points for each minted Libra Full Chain Rune. A total of 1054 addresses participated in the mint. 

The project invited users to engage in a transparent process aimed at influencing the direction and functionality of the Libra platform. It advocated for fair and transparent financial initiatives globally, encouraging user participation through voting and financial contributions.

Claiming to be “the first fair inscription protocol in the world,” recent activities have raised concerns as it implemented the mint-capable contract in Arbitrum without open sourcing, directing all mint fees to the creator’s wallet address.

Vigilance Urged in Cryptocurrency Space

It’s essential to be vigilant about potential fraudulent activities as deceptive practices, often concealed under the guise of promising crypto ventures, lead to financial losses for unsuspecting participants. 

In a recent turn of events, an encryption project Sleepless AI experienced a rug pull, allowing the creator to profit approximately $90,000. The Sleepless AI token’s price plummeted by 97.5%, resulting in the creator gaining a profit of 37.7 ETH.

This token shared the same name with Sleepless AI official project token, which had been launched earlier in the week on the Binance Launchpool. Binance introduced Sleepless AI as a Web3 and artificial intelligence (AI) gaming platform, offering users the opportunity to stake BNB, FDUSD and TUSD in a dedicated pool for token farming.

As the cryptocurrency landscape grapples with instances of disappearing projects and rug pulls, users are urged to exercise heightened vigilance in navigating the dynamic and evolving space, safeguarding against potential risks and ensuring informed participation.

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

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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