According to Odaily, PeckShield's monitoring data has revealed a significant event in the cryptocurrency market. A meme coin named GME, operating on the Ethereum platform, has experienced a rug pull. This has resulted in the coin's price dropping by 100% in a short period.
The contract deployer has transferred 93.2 WETH, which is equivalent to 270,000 US dollars. A rug pull is a malicious maneuver in the cryptocurrency market where developers abandon a project and run away with investors' funds. In this case, the GME meme coin's developers appear to have done just that, causing a significant drop in the coin's value.
This incident serves as a reminder of the risks associated with investing in cryptocurrencies, particularly those that are less established or have a smaller market capitalization. Investors are advised to conduct thorough research and exercise caution when investing in such assets.