We are proud to be part of BitColors ecosystem, a unique collection of 1000 NFT colors that you can own and trade on OpenSea. BitColors aims to create something unique in the NFT space and set an example for a new wave of collections like CryptoPunks did for avatars. Colors for our logo we took from the BitColors collection. Ownership of colors should be remarkable and unprecedented and you have a chance to buy it now. Want to follow their updates? Then subscribe to BtColors Twitter, and Discord.
DeFi protocol WhaleFarm crashes by 99% in an apparent rug pull
Crypto News

DeFi protocol WhaleFarm crashes by 99% in an apparent rug pull

Saudu Clement
Saudu Clement

The saying that “all that glitters is not gold” is particularly true in the crypto industry. A recently launched DeFi protocol, WhaleFarm, has just stolen over $2 million from investors in what can be described as the latest rug pull in the crypto space.

The decentralized finance (DeFi) project was launched earlier this month, promising investors mouth-watering returns on staking. Investors could reportedly earn up to 7,217,848% APY by staking Bitcoin, Ethereum, Binance Coin, BUSD, Cardano, Polkadot, and Chainlink tokens.

While the APY already sounds too good to be true, the platform recorded some growth, with its native WhaleFarm token surging in value. Another early red flag that investors chose to ignore was the fact that the project had a fully anonymous team.

Sadly, investors will be left counting their losses after the team carted away with an estimated $2.3 million. To reinforce the rug pull theory, WhaleFarm has deleted its Twitter page and its official Telegram group. Following the discovery, the price of the WhaleFarm Token plunged by almost 100% in minutes.

Rug pulls are not new in the cryptocurrency space. There have been multiple incidents in the past. In March, BTC PEERS reported a similar incident by Meerkat Finance where the team made away with over $30 million in BUSD and BNB.