Wednesday, January 19

Metaverse cryptocurrency plummets 99%

The metaverse cryptocurrency price dropped 99% last Wednesday night (12/29). Now many investors believe they have fallen for a scam that has taken advantage of the metaverse fad to attract public attention.

The developers, who are anonymous, claimed last Friday (31) that they suffered an attack on their devices and in this way hackers had access to their credentials, an alarming situation still.

It is estimated that the amount lost is more than 15 million reais in BNB, the currency used in this investment. Although the team says it is working to reimburse the injured, the injured do not seem happy with the loss.

Scams are becoming common

Due to the urge to find out ‘the next game that will turn a thousand into a million‘, many investors are risking their money on projects that have nothing but an idea.

In other words, in the case of the Beast Masters (MASTER), the metaverse project only had one concept, which was a copy of other games, and a website. It is not even possible to find the names of the developers and their experience in the sector, a factor that investors disregard.

Even so, the project managed to deceive several people who invested their savings in it. Although the end is similar to the Crab Master scam, this time there was nothing in their code, yet the community is accusing the developers of having performed a rug pull, that is, a rug pulling.

Cryptocurrency plummeted 99%

Last Wednesday night (29), the MASTER token plummeted from 0.10 USD to 0.0003 USD in a few moments, more than 99%, according to data from CoinMarketCap. That is, it shows that someone dumped all your tokens, converting them to another currency.

Metaverse currency price plummets 99%. Source: CMC

The project was new and didn’t last long. The website was created in October and the Twitter profile in November, fundraising in December. That is, very suspicious of being taking advantage of the wave of games with NFT and metaverse to apply a coup.

In its defense, the team announced that it would be working on a way to reimburse the injured using NFTs, although the community does not appear to be happy and now, in addition to the money, they also want to know who is behind the project. Users already ask for their money back and publicly accuse the company of stealing them.

“I want money from tokens bought, thieves.”

Due to the language of the comments, from both developers and victims, there are indications that the project was made by people from Hispanic America or Spain, which also represents the dialect of most of the possible victims. The estimated sum of the coup is more than 15 million reais, in BNB.

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