Vpanda Community experienced an event that resulted in a loss of $265,000 on Binance Smart Chain. After that, there was a 97.4% collapse in the altcoin price. The stolen funds were transferred to 0x33d2a4…af65 as recorded in BSCscan. The importance of due diligence in the evaluation of crypto projects and the importance of Blockchain security companies emerged.
New victim: VPanda Community, Altcoin price crashes
VPanda Community, a cryptocurrency project on Binance Smart Chain (BSC), has been the victim of a solid event that resulted in a loss of approximately $265,000 in BSC-USD tokens. PeckShield, a blockchain security company, has issued a warning about the incident under the hashtag PeckShieldAlert.
#PeckShieldAlert Seems like @VPandaCommunity rugged for ~265K $BSC-USD$VPC has dropped -97.4%, the stolen funds has already been transferred to 0x33d2a4…af65https://t.co/qvSn0bFrpV pic.twitter.com/YGjv0AZpR5
— PeckShieldAlert (@PeckShieldAlert) June 19, 2023
The event led to a staggering 97.4% drop in the value of the project’s native token, VPC. The stolen funds from the VPandaCommunity contract were reportedly transferred to 0x33d2a4…af65 as evidenced by the transaction recorded in BSCscan.
The cryptocurrency community continues to discuss the event
The incident has raised concerns among the cryptocurrency community. It also caused controversy and speculation regarding the circumstances surrounding the security breach. Because, there are also evaluations that the event in question is a ‘rug-pull’ event. cryptocoin.com As you can see from ‘rug-pull’, that is, the case of the project team defrauding the community is a common situation in the crypto market. It is therefore beneficial for investors and users to be vigilant and avoid interacting with VPandaCommunity until the project team or security experts provide more clarity.
This event is a reminder of the importance of due diligence and risk assessment when joining the crypto space. Investors need to do extensive research on the team before making any investment decision. Investors should also carefully consider the project, including the enforcement practices and security measures implemented by the respective altcoin project.
PeckShield’s involvement in highlighting the thorny issue underscores the importance of Blockchain security companies in the industry. Their expertise and vigilance help identify potential vulnerabilities. Moreover, such security companies play a crucial role in protecting users from malicious activities.
