WhaleFarm project suspected of exit scam as token price falls 99%

The WhaleFarm DeFi project team is suspected of diverting $2.3 million from investors. The native token price collapsed by 99% within minutes. The issue drew the attention of a cryptocurrency analyst known as CryptoWhale.

WhaleFarm Token is the most recent scam to pull the rug on investors. It’s estimated they stole over $2.3 million.

— Fully anonymous team
— Promised 7.2 million % in returns
— The token is now down -99.99%
— Twitter page deactivated
— Telegram group deleted pic.twitter.com/Ye6CZ9HgUt

— Mr. Whale (@CryptoWhale) June 30, 2021

Anonymous developers launched WhaleFarm recently and promised annual returns of up to 7,217,848%. The yield-farming project accepted a range of cryptocurrencies, including BNB, BUSD, USDT, BTC, ETH, ADA, DOT and LINK.

Through attracting a large number of investors, the token’s price rose noticeably. However on June 30 it crashed by 99% and is now trading below $0.20.

Data: TradingView.

The project team also deleted the official Telegram group and Twitter account.

According to DappRadar, WhaleFarm has over 1,500 unique users, and the total value of processed transactions stands at $23.6 million.

Earlier in March, the DeFi project TurtleDex on the Binance Smart Chain carried out exit scam of $2.4 million.

In April, the Uranium Finance team lost $50 million in Ethereum due to a vulnerability.

Earlier, Beetsfarm Finance developers on the Polygon blockchain were suspected of stealing more than $120,000 from users.

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