Libra Protocol Creator Transfers 231 Ethereum to Unidentified Addresses, Suspected of Vanishing
In Brief
Libra Protocol is under the suspicion of disappearing as its founder transferred 231 of users’ ETH to multiple unidentified addresses.
Inscription project built on Arbitrum — Libra Protocol is currently under suspicion of disappearing. The project’s founder recently executed a transfer of around 231 Ethereum (ETH) equivalent to $552,000, to multiple unidentified addresses.
Earlier this week the project announced Libra Full Chain Rune public mint, allowing users to transfer 0,005 ETH for the 21,000 Libra Runes, additionally granting points for each minted Libra Full Chain Rune. A total of 1054 addresses participated in the mint.
The project invited users to engage in a transparent process aimed at influencing the direction and functionality of the Libra platform. It advocated for fair and transparent financial initiatives globally, encouraging user participation through voting and financial contributions.
Claiming to be “the first fair inscription protocol in the world,” recent activities have raised concerns as it implemented the mint-capable contract in Arbitrum without open sourcing, directing all mint fees to the creator’s wallet address.
Vigilance Urged in Cryptocurrency Space
It’s essential to be vigilant about potential fraudulent activities as deceptive practices, often concealed under the guise of promising crypto ventures, lead to financial losses for unsuspecting participants.
In a recent turn of events, an encryption project Sleepless AI experienced a rug pull, allowing the creator to profit approximately $90,000. The Sleepless AI token’s price plummeted by 97.5%, resulting in the creator gaining a profit of 37.7 ETH.
This token shared the same name with Sleepless AI official project token, which had been launched earlier in the week on the Binance Launchpool. Binance introduced Sleepless AI as a Web3 and artificial intelligence (AI) gaming platform, offering users the opportunity to stake BNB, FDUSD and TUSD in a dedicated pool for token farming.
As the cryptocurrency landscape grapples with instances of disappearing projects and rug pulls, users are urged to exercise heightened vigilance in navigating the dynamic and evolving space, safeguarding against potential risks and ensuring informed participation.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
