According to Foresight News, the LongNoseDog project has experienced a rug pull, causing the value of its LONG token to drop nearly 100%. The deployer, identified as 0x10DD...3eb5, has exchanged 100,100,100,100,100,100,100.1001 LONG tokens for approximately 998.7 BNB, valued at around $310,000.
PeckShield, a blockchain security company, monitored the situation and reported the rug pull incident. A rug pull is a type of exit scam in which project developers withdraw their liquidity from a decentralized exchange, causing the value of the associated token to plummet. This leaves investors with little to no chance of recovering their funds.
The LongNoseDog project's rug pull serves as a reminder for investors to exercise caution when investing in new and unproven projects, as the risk of exit scams and other fraudulent activities remains high in the cryptocurrency space.