As reported by a South Korean media, the team behind the development of the ASUKA token closed all its accounts and liquidated on Binance all the tokens it had collected.
The exchange is now helping law enforcement to find the perpetrators of this exit scam.
Its low supply, only 1000 pre-mined tokens and a total of 21,000 tokens, of which 10,000 would have been distributed in the first week, have made it a very desirable token.
The token was distributed through a manual airdrop system which then set off the low liquidity/high price trend, as it started out at a value of a few tens of dollars and went up to over $1,500 per unit.
ASUKA’s fork and the $30,000 token
From this project a fork was done, ASUKA, but within a short time, all the socials and the GitHub page were closed, which caused a panic in the community that started selling the token.
Already nicknamed in the community as the Dogecoin of DeFi, for the fact that it was all a joke for the creators, the token allowed them to earn almost 30 thousand dollars that they sold through the exchange.
Thanks to this move, it was possible to identify the address and discover that they used Binance.
Unfortunately, this is once again an example of hype for decentralized finance taking a wrong turn, and as soon as some new tokens emerge in this sector, people immediately start buying whether it’s a legit or illegitimate project.
This is one of the first exit scams in the DeFi sector but it won’t be the last, sadly.
Moreover, the decentralized finance sector is experiencing more and more hacks, most notably the one at the end of June against Balancer.
Nevertheless, DeFi is always setting new records, and today there are more than 4 billion dollars locked in the industry.