Another day, another apparent rug pull.
The developers behind Blur Finance, a yield aggregator intended to leverage different decentralized finance (DeFi) protocols and strategies to maximize user profits, appear to have suddenly abandoned the project and deleted its social media channels.
More than $600,000 worth of tokens vanished in the process, security firm PeckShield said on Wednesday. Blur ran on the BNB Chain and Polygon networks.
The move is a textbook rug pull, a scam carried out by developers who launch a working decentralized finance application and carry out social media marketing to popularize it before issuing a token and listing it on a decentralized exchange (DEX). After investors have purchased the tokens in the hopes of a positive return, the developers shut up shop and disappear.
The project’s BLR token fell 99% following the rug pull, trading at $.00064 at writing time. The price peaked at 6 cents last week.
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