Lucky Star Coin (LSC), a newly launched token on Binance Smart Chain (BSC), has attracted $1.11 million from users. Its value has plummeted by 97%.

AegisWeb3, a security protocol developed by blockchain security firm PeckShield, called attention to the scam in a post on Oct. 9. AegisWeb3’s alert highlighted the emergence of the scam, which saw the value of LSC plummet by 97%.

The exit address 0x9Ef executed the fraudulent operation by dumping 3 million LSC tokens, earning a profit of approximately $1.11 million in Binance USD (BUSD). Afterwards, the funds were quickly transferred to another address 0x23f, further covering their tracks.

The 0x9Ef address responsible for disposing of the 3 million LSC tokens received these tokens from two addresses related to the Lucky Star currency project: 0x409 (which obtained assets from the creator of the project's token contract) and 0xae3 (the free address of the token).

It is worth noting that 0x409 sent 1.4 million LSC to the exit address, while 0xae3 transferred 1.6 million LSC to the address. These transfers occurred five hours ago, and the exit address dumped the tokens three minutes after receiving them.

Earlier this morning, the token plunged 96.78%, falling from a high of $2.88 to a low of $0.04. The asset is currently trading at $0.0303 with a market cap of $296,000. Its market cap was previously $28.7 million.

There have been a number of similar incidents in the cryptocurrency space in recent years as malicious actors look to exploit investors’ desire to get in on the next big thing. One of the latest projects to follow this pattern is Magnate Finance on the Coinbase Base Network.

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