Crypto News – In response to a recent disclosure on HashDit, BNB Chain has released a statement alerting the community to a worrying liquidity issue involving the token CIRCLE.
With the Increase in Fraud in the Crypto Sector, CIRCLE Token Starts to Raise Concern among Users
Due to questionable activity, this token’s liquidity, which has been rigorously watched, has been removed. The funds related to the token’s deployment have been given to Tornado. A request for rapid fund withdrawals was made because, despite these steps, more than 1,000 BNB are still locked in the contract.
CIRCLE Already Labeled as High Risk
It’s interesting to note that the token contract had previously been marked as “High Risk” by the dappbay platform prior to the rug-pull occurrence. This warning sign acts as a proactive reminder to users to be watchful and cautious. The “CIRCLE” token’s origins and intended use are still unknown. Its name is similar to Circle, the well-known company that produces the USDC stablecoin.
Circle Has Been Subjected to Similar Scams Before
This instance highlights how prevalent scams are in the cryptocurrency sector. In a related development, in March, a phishing attempt debuted on social media, falsely promising access to a fresh USDC DeFi trading platform.
The fraudulent effort featured a misleading blog post promoting the swap platform via a URL (http://circle.blog), as well as a fake trade platform reachable through another site (http://circledefi.center). This phony exchange platform purported to enable the conversion of USDC stablecoin into USDT through cooperation with TRON DAO. The fake platform’s user interface resembled Raydium, the official DeFi platform, in many ways.
Leave a comment