Anti-scam ‘crypto watchdog’ War on Rugs disappears with investors’ funds

A ‘crypto watchdog’ has vanished from social media — along with over 1,170 worth of BNB coins, worth a total of about $422,370 after Wednesday’s crash.

The War on Rugs Twitter account had accumulated over 100,000 followers as it purported to warn against potential “rug pulls” – crypto scams in the decentralised finance space.

Stockhead quoted the account in a story about the Safemoon project, which a number of crypto influencers had accused of being a scam or pyramid scheme.

But while the Safemoon token hasn’t proven to be all that safe — it was trading at 53 per cent off its highs yesterday, according to Coingecko — the developers haven’t absconded with users’ funds, either.

War on Rugs is accused of doing just that by the leaders of the Fairmoon crypto project, a clone of Safemoon.

The person behind the WoR account was also promoting Fairmoon and had apparently been given account privileges. (Stockhead hadn’t been aware War on Rugs was involved in a rival project when it quoted the account’s accusations against Safemoon).

Fairmoon’s value had plummeted by 88 per cent yesterday and it seemed doubtful anyone would get their money back, as WoR had drained the entire liquidity pool that traders use to swap tokens.

War on Rugs had deleted their Twitter account yesterday afternoon, but screenshots were circulating on social media apparently showing they had posted a bitter goodbye message.

On Fairmoon’s Reddit page, the Safemoon community was offering Fairmooners sympathy for their losses and forgiveness despite the past enmity between the two camps.

“The safemoon community has no enemies and hope we can include you all on our journey to the moon and recoup those losses,” one user wrote.

 

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