There has been another rug pull case in the cryptocurrency market. DeFi project WhaleFarm, which promises huge returns and has a completely anonymous team, has stolen more than $2 million from investors. As expected, the value of the cryptocurrency dropped almost 100% within minutes.

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Launched earlier this month, WhaleFarm made high promises to investors by offering up to 7,217,848% APY opportunity with staking of multiple cryptocurrencies including BNB, BUSD, USDT, BTC, ETH, ADA, DOT and LINK.

While this percentage sounds too good to be true, the project actually saw some growth and the value of its native token, WhaleFarm Token, increased.

In the DeFi space, the project is often viewed with suspicion as a scam, especially when the promised returns are disproportionate. Popular cryptocurrency commentator Mr.Whale tweeted that the project is giving rug pull signals. He pointed out that aside from the 7,217,848 APY he promised, the team was completely anonymous.

The team deleted the Twitter page and the official Telegram group. This can be cited as proof that this is really a rug pull. Initial estimates put the amount stolen at around $2.3 million.

WhaleFarm Token dropped almost 100% within minutes after the event and is currently still trading below $0.20.