In a shocking turn of events, the $DOREA token on Solana has been identified as the latest victim of a rug-pull, leaving investors reeling.
Just seven hours ago, the wallet 3TQYN, presumably belonging to a developer, purchased 2.5 million $DOREA for $41,000. Four hours later, this wallet began offloading all its tokens, raking in $1.4 million and causing the $DOREA price to plummet from $2.1 to a mere $0.01.
A Rug-pull to $DOREA on Sol.
7 hours ago, 3TQYN (maybe dev) spent $41k for 2.5M $DORAE.
4 hours later, he started selling all of them for $1.4M and caused $DORAE's price dump from $2.1 to $0.01.
His address:https://t.co/y0MSA5Cm0D pic.twitter.com/nI6fYNG6sP
— The Data Nerd (@OnchainDataNerd) June 26, 2024
The fallout from this rug-pull has been catastrophic for new investors. In just half an hour, a wallet described as Wealth Evaporation lost $756,000 after buying $DOREA at its peak. This individual, identified as the owner of the BrFjj…pgjCc wallet, spent 5710 $SOL (approximately $747,000) to acquire 350,000 $DOREA at $1.936 per token.
Tragically, within five minutes, $DOREA’s value crashed nearly 99%, forcing the investor to sell all their holdings at an average price of $0.0868, resulting in a 96% loss.
财富蒸发术🤯 新地址因山顶买入 $DORAE 仅半小时亏损 75.6 万美金！
一小时前新地址 BrFjj…pgjCc 花费 5710 枚 $SOL（约 74.7 万美金）在高点买入 35 万枚 DORAE，成本为 $1.936 ；仅仅五分钟后 DORAE 闪崩近 99%，他又以均价 $0.0868 全部清仓，亏损了近 96%🥲
老哥怕是短时间内都不会玩土狗了… pic.twitter.com/Y34ooT21Og
— Ai 姨 (@ai_9684xtpa) June 26, 2024
About 11,510 $SOL Goes Down The Drain
The investor, described as arrogant, had prepared a total of 11,510 $SOL (almost $1.58 million) for this venture, transferring the funds from KuCoin to his wallet in batches, intending to buy in stages. However, this approach proved disastrous as the rug-pull unfolded rapidly, decimating his investment.
最惨的是：这位豪横老哥其实一共准备了 11,510 枚 SOL（将近 158 万美金），因为是分次从 Kucoin 转出到钱包的，所以需要分批买入
结果买的没有崩的快，不知道是幸运还是不幸了😵 pic.twitter.com/Xvxy8zKmgZ
— Ai 姨 (@ai_9684xtpa) June 26, 2024
This incident serves as a stark reminder of the risks associated with investing in newly launched tokens, especially those with limited track records and transparency. The allure of quick profits can often mask the underlying dangers of fraudulent schemes such as rug-pulls, where developers abandon a project after a significant price surge, leaving investors with worthless tokens.
As the crypto community digests this latest scandal, calls for stricter regulatory oversight and improved investor education are likely to intensify. For now, the victims of the $DOREA rug-pull are left counting their losses and reflecting on the volatile nature of the cryptocurrency market.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.