Security firm AegisWeb3 sounded the alarm about a suspected exit scam on the Binance Smart Chain (BSC), warning users to be cautious of the token Lucky Star Currency ($LSC), which has dropped in price by 97% in a matter of hours.
The platform recently posted on its official account on X(formerly Twitter), stating that Lucky Star Currency ($LSC) plummeted by 97%, while revealing that an unidentified individual orchestrated this exit scam. The individual is reported to have profited approximately $1.11 million BUSD.
🚨SECURITY ALERT – $1.11M Exit Scam🚨
— AegisWeb3 (@AegisWeb3) October 9, 2023
The individual received 3 million $LSC tokens from contracts associated with the designated node fee address for the token. These transfers occurred a few hours ago, with the exit address dumping the tokens three minutes after receiving them. This raises questions about the intention and motivations behind the transactions whether it’s a malicious attack or something else went wrong.
Following this, after the funds were swiftly transferred to several addresses, the $LSC token dropped drastically by 96.78% earlier this morning, dropping from a high of $2.88 to a low of $0.04. Currently, the asset is now trading for about $0.0303 with a market cap of $296K. Its market cap previously stood at $28.7 million.
Aegisweb3 is a vigilant blockchain watchdog that protects users from cyber-attacks and phishing scams, and users are also free to exchange, mint, pledge, and explore web3 on the platform.
PeckShield Alert, another platform on X(formerly Twitter) that provides users with real-time alerts on cryptocurrency, also commented on AegisWeb3’s post, advising users to pause transactions on the platform.
— PeckShieldAlert (@PeckShieldAlert) October 9, 2023
AegisWeb3 is a Web3 security protocol developed by blockchain security firm PeckShield
The incident involving the $LSC token raises many questions, and the situation is still developing. AegisWeb3 is monitoring the situation closely and will update the public as more information becomes available. In the meantime, it is important for users to be vigilant and to research any project before participating.