Token on the BNBchain gets rugpulled, impacting holders. Sentiment around the BNBchain remains negative, indicating that the masses still have a cynical perspective around the network.
The underlying issue stemmed from the creator of the token, who generated a significantly larger quantity of tokens than the total supply initially designated. This discrepancy was exploited when the creator executed a rug pull. The creator did so by essentially liquidating 1 quadrillion tokens, which led to the accumulation of approximately 747.7 $BNB tokens. The resulting funds were subsequently transferred to another address, 0x98ECcc…F916F900.
This rug pull incident on the BNBChain could further amplify negative sentiment around the BNB chain, especially given the recent intense regulatory scrutiny imposed by U.S. regulatory bodies. The incident might also raise concerns among investors and users about the security of the BNB network.These events could also undermine confidence in the BNB chain’s ability to prevent fraudulent activities and protect users from such incidents.
In contrast the price of BNB saw some recovery during this period. According to Santiment’s data, BNB’s price grew from $206.99 to $216.88.
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