Yoda coin’s sudden collapse: how investors lost over $129K in Ethereum to a rug pull scam

YODA coin rug pulled and lost 100% of its value on May 5, as crypto sleuth PeckShieldAlert revealed.

The project deleted its Twitter account, and the scammer already transferred over 68 Ethereum (ETH), according to PeckShieldAlert’s tweet.

The rug pull

Avid crypto collector @borovik.eth was one of the first ones to realize the pull. He tweeted a screenshot of Yoda Coin’s official account, which was inaccessible.

Crypto Twitter then provided additional information about the suspended addresses in the comments. On-chain sleuth ZachXBT shared that the YodaCoin team also deactivated nine bot accounts with gold checkmarks.

PeckShieldAlert monitored the scammers’ wallet movements and discovered that they moved over 68 ETH to the FixedFloat exchange. The amount equates to over $129,000 in ETH at the time of writing.

Memecoin season

Even though the crypto community’s thoughts on memecoins may vary, recent data revealed that they are, in fact, quite resilient. A CryptoSlate insight from April stated that memecoins:

“Continue to defy expectations by thriving in the bear market, outperforming other cryptocurrencies and expanding their utility, attracting retail investors and newcomers to the crypto world.”

Popular memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) have proven themselves to be quite profitable in the past. While their volatility has become mainstream, other memecoins have been surprising investors lately.

Most recently, memecoin PEPE (PEPE) attracted the eyes of the crypto community when it soared over 90% within 24 hours on May 1. At the time of writing, PEPE continues its surge. The token recorded a 59.38% increase in the last 24 hours and a nearly 700% increase over the previous seven days.

A few days later, the Turbo memecoin, created by ChatGPT, reached over a $30 million market cap within a week of its launch. Several crypto exchanges have also listed Turbo tokens as a tradable asset.

According to CryptoSlate data, the memecoin market has 1.49% sector dominance with over a $17 billion market cap. The sector’s 24-hour volume sits at over $1.49 billion.

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