Cryptocurrency game’s token drops 99.8% in a few hours

Security analysts at Peck Shield Alert have reported another crypto-scam project, Dragoma, whose native token fell by 99.8% in a few hours — all due to a rug pull (a fraudulent scheme where a team sells all tokens and withdraws liquidity).

As it became known, the DMA cryptocurrency used in the Dragoma game reached its maximum value of $ 1.8 yesterday, and in a few hours it fell by 99.8%, dropping to $ 0.003. The authors of the project have already managed to transfer liquidity to centralized exchanges, and the game’s website is currently unavailable.

Interestingly, the MEXC Global crypto exchange recently announced plans to list DMA alongside USDT. This leads to the conclusion that even large cryptocurrency platforms are not always able to recognize fraudulent projects, let alone users.

The DMA token is not the only scam cryptocurrency whose value has dropped to zero in a matter of hours. The price of the Teddy Doge token (TEDDY) dropped by 100% in a day — crypto wallets associated with TEDDY sold more than $ 4.5 million worth of cryptocurrency on July 23−24. As Peck Shield Alert experts explained, wallets connected to the TEDDY exchange contract received 10,000 BNB (about $ 2.5 million) and 2 million BUSD. The owners of the addresses transferred the funds to the Binance crypto exchange.