Ethereum-based Fake GameStop Token Suffers Rug Pull, Price Drops -100%

Ethereum-based Fake GameStop Token Suffers Rug Pull, Price Drops -100%

**Ethereum-based Fake GameStop Token Suffers Rug Pull** Blockchain security company PeckShield alerted that via X, "an Ethereum-based fake GameStop (GME) token has rugged -100%. The wallet address '0xcbae' dumped 1,434,204,649,380.8 GME for 93.2 WETH (~$270k). The token was a rug pull with only the name in common." **What is a rug pull?** A rug pull is a type of fraud in which the creators of a cryptocurrency abandon the project and take the investors' money. This can happen at any time, even after the cryptocurrency has been listed on a major exchange. **How to avoid rug pulls** There are a few things you can do to avoid rug pulls: * **Do your research.** Before you invest in any cryptocurrency, make sure you understand the project and the team behind it. * **Be wary of tokens that promise high returns with little risk.** If it sounds too good to be true, it probably is. * **Invest only what you can afford to lose.** Cryptocurrency is a volatile asset, and there is always the risk of losing your investment. **Previously on May 15, 2024** Blockchain security company PeckShield alerted that via X, "an Ethereum-based fake GameStop (GME) token has rugged -100%. The wallet address '0xcbae' dumped 1,434,204,649,380.8 GME for 93.2 WETH (~$270k). The token was a rug pull with only the name in common."