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

The funds have been siphoned out of the project and into centralized exchanges.

AccessTimeIconAug 8, 2022 at 8:28 a.m. UTC
Updated May 11, 2023 at 6:47 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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 an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Oliver Knight

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


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.


Read more about