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Saturday, February 4, 2023
HomeCryptocurrencyBONK's Copycat on Polygon Loses 96% of Its Worth

BONK’s Copycat on Polygon Loses 96% of Its Worth

The copy of distinguished meme asset BONK has misplaced virtually 100% of its worth and prompted considerations amongst sure layers of customers who, for a second, thought that the unique Solana-based BONK was the goal of market manipulators or scammers.

Based on PeckShield Alert, the worth of Polygon-based BONK cryptocurrency slipped by over 96%. What might appear to be comparatively widespread liquidity points turned out to be a rip-off discovery.

Polyscan

Nameless builders created a replica of BONK token on the Polygon community, attracting traders who thought that the token is accessible on the choice community, whereas the fact was far extra unlucky.

Beforehand, the identical type of rip-off has been pulled by builders, who launched tokens like Shiba Inu, Doge, Elon and different meme belongings. Traders who thought they might safely use these belongings on different networks bought them, sending their legit funds to scammers who then crashed the worth of the rip-off token, inflicting huge losses amongst traders.

The scheme used with BONK is extraordinarily comparable: scammers create an asset on the choice community, present some type of liquidity after which farm as a lot quantity as they will to then rug pull and acquire important earnings.

Sadly, there are nonetheless loads of inexperienced customers who fall for that trick. The one solution to keep away from it’s solely utilizing buying and selling platforms and exchanges which were itemizing on common market aggregators like CoinMarketCap.

At press time, PeckShield has not launched any extra feedback or alerts, clarifying their earlier submit. The unique Solana-based token BONK trades within the normal vary, shedding 5.6% of its worth within the final 24 hours.

See also  ZenGo Introduces First-Ever On-Chain Pockets for Polygon (MATIC) with No Seed Phrase Vulnerability

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