Cryptocurrencies have come a long way in the past decade. Further, these digital tokens have received widespread attention. This, to an extent that the global crypto market, at the time of writing, stood at the $2.21T mark. However, it is worthy to note that a lot of scams and other such activities have grown in number. From outright scams to elaborate schemes[1], there is a myriad of ways an investor or an organization can lose their money.
Of late, a flare of scam coin listings incoming for fake Metaverse[2] projects has started to circulate[3] on Reddit. While many identify the fake scams at the outset, some realize it after falling into the trap. Well, one such instance is of White Whale.
Kucoin Listing Rug
White Whale[4], an arbitrage platform built on Terra[5] is currently facing the heat as it became the latest victim to a rug pull.
The platform was rugged out of ‘listing fees’ by a fake Kucoin[6] team in a very elaborate scam. Overall, the protocol lost 2,510,000 WHALE tokens[7]. This, at press time, equates to around $510k. The team was quick to release a blog to narrate the whole story.
Well, on 29 December, the affected protocol announced the listing on one of the largest crypto exchanges, Kucoin. However, it turned out to be an ugly story. An array of confusion took the centre stage. Curiously, the team earlier tweeted: “The WHALE token that was announced[8] as being listed on Kucoin is an ERC20 token[9] and is not us.” Later apologized[10] for the same.
(Miss)listing opportunities- How?
Over the past several weeks, months, even years there have been many
