Polygon-Based Web3 Game Dragoma Supporters Fall Victim to $3.5M Rug Pull: PeckShield

The newly launched Dragoma project appears to have been subject to a rug pull worth an estimated $3.5 million, according to blockchain sleuth PeckShield.

Dragoma, which launched just days ago, had said it planned to become a Web3 adventure game that incorporated non-fungible tokens (NFT) and elements of social media alongside its native token, DMA.
The token, which was created on the Polygon network, was recently listed on centralized exchange MEXC, generating millions of dollars in volume.
The project's website is not responding and its social media channel has been deleted, PeckShield said.
At its peak, the DMA token reached $1.78. It tumbled Monday morning, losing 99.8% of its value.
The missing funds have been moved to centralized exchanges, according to PeckShield.
The founder of Dragoma is Texas-based Ken Graese, according to a June press release.
Dragoma did not immediately respond to CoinDesk's request for comment.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Follow @OKnightCrypto on Twitter

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.