Crypto is growing at the speed of light. Every week, something happens or a new token is released, making the landscape action-packed. However, it also poses a major threat, as it becomes impossible to vet all the releases to see if they are legitimate or just scammy.
In a similar incident, a fake currency posing as a ‘Microsoft’ token suffered a major crash. The token garnered a somewhat decent reaction from the trading community and was showing proper traction. However, it immediately dipped and nearly lost 96% of its innate value.
The token was openly bashed for being misleading because it illegally used the Microsoft logo and name. At one point, things became quite big for the token, which hit an ATH of $8,300 before it dipped. At press time, the token is trading at $386 today.
The alarming pattern of the token was that it had a slow growth at first. But it soon picked up. Therefore, the general notion surrounding this dip is that it is a rug pull. However, this will not be the first time if it is a rug pull.
What we mean is that cases like this have become rampant and prominent. Therefore, it is high time that we take the necessary steps to counter such incidents. Otherwise, traders soon find things difficult, and the general trust would dwindle.
This would affect the blockchain ecosystem as a whole.
