Recent News: Rugpull, Rugpull and Sell of Nothing
There are two rugpulls in today's news roundup – a full one from the MagnateFi team, and a partial one from a few PEPE's ex-team members.
However, none of these can hold candles for one completely honest seller of nothing, who also happens to be a founder and CEO of NotLarvaLabs. But, the first thing - first.
The only remaining developer of the meme token, Pepe (PEPE), revealed that three former members of the project team were behind the theft of 16 trillion coins (approximately $15 million).
The multi-signature meme-token wallet PEPE has reduced the number of confirmations required from five to two and transferred more than 15.7 trillion coins to exchange. Stolen coins account for approximately 4% of the total issuance, and the asset's exchange rate collapsed by 20%.
The representative of the project apologized for the situation and noted that he only controlled the smart contracts of the token. According to him, PEPE will be fully decentralized in the coming months.
Presumably, the developers of the cryptolending project Magnate Finance, based on the Coinbase-backed second-level network base, supposedly realized the same thing, but more coherently disappeared along with funds worth ~$6.4 million.
Platform X (formerly Twitter) and Telegram social media accounts were deactivated, and the official website was inaccessible.
A few hours before the incident, the onchain researcher ZachXBT warned the community about a possible scam and discovered that the Magnate Finance deployment address was linked to the Solfire and Kokomo Finance exit scams.
According to the PeckShield experts, the team directly manipulated the price oracle and withdrew all digital assets.
However, all of them gotta be jealous of the anonymous NotLarvaLabs founder, Pauly, who saw the opportunity and sold nothingness. His tweet says:
There is nothing for sale. I cannot reiterate this enough.
People simply choose to send tokens to:
YouGetNothing.eth
Or they choose not to. pic.twitter.com/bR2KxwpQjH
— PAULY (@Pauly0x) May 31, 2023
The strange initiative appeared on May 30. Since then, enthusiasts have not stopped sending assets to yougetnothing.eth. At the same time, Pauly stated that users would receive nothing in return.
According to Arkham Intelligence, more than 1,000 transfers were sent to the wallet. The largest transaction was made by the user Maverick_time - 10.05 ETH (~$19,150).
