The BNB-based platform GachaDrop, styled as a Pokémon card trading platform, is suspected of executing an exit scam shortly after its token launch. The project, which positioned itself as a competitor to Solana's Cards, released its DROP token with 1,700 participants. However, within an hour, GachaDrop announced issues with the token contract and introduced a new token, leading to the original DROP token's market cap crashing from $3 million to zero.
The newly issued DROP token experienced a brief surge before also collapsing to zero. On-chain data suggests that only a few early traders, including meme bloggers, managed to profit from the initial trading activity. The incident has raised concerns within the crypto community about the legitimacy of such platforms.
BNB Chain's GachaDrop Suspected of Exit Scam After Token Collapse
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