8 hours ago
Large volumes of Pudgy Penguin’s PENGU tokens are flowing from the project’s deployment code to centralized exchanges (CEXs), raising questions amid a beardown marketplace rally.
On July 28, blockchain expert EmberCN, citing Arkham Intelligence data, reported that much than 206.9 cardinal PENGU tokens, valued astatine astir $8.91 million, were transferred to assorted CEXs wrong the past 24 hours.
He said this is portion of a broader transportation signifier observed from the project’s squad during the past month.
EmberCN pointed retired that the PENGU squad has transferred implicit 2 cardinal tokens, valued astatine astir $66.6 million, to CEXs during the past month.
Token transfers to exchanges are commonly seen arsenic a motion that holders mightiness beryllium preparing to sell. As a result, the caller PENGU squad movements could beryllium viewed arsenic a imaginable measurement toward liquidation.
This surge successful token movements coincides with a notable terms increase. According to CryptoSlate’s market data, PENGU is trading astatine $0.04278 astatine the clip of writing. The token has climbed 3.3% implicit the past day, gained implicit 17% successful the past week, and jumped astir 230% implicit the past month.
PENGU scam warnings
Meanwhile, the PENGU token rally appears to person drawn attraction from scammers who person initiated a caller question of phishing scams targeting the NFT task token holders.
On July 27, Beau, the information adept astatine Pudgy Penguin, explained that the caller scam involves sending tiny amounts of PENGU tokens, known arsenic “dust,” to random wallets. These tokens usage vanity code names that treble arsenic fake website URLs.
The information main pointed retired that this scam is designed to manipulate users into searching for these vanity names via Solscan.
From there, victims whitethorn unknowingly click phishing links that mimic Pudgy Penguins’ branding. If users link their wallets, they are prompted to motion malicious transactions that drain their assets.
Beau clarified that nary morganatic PENGU airdrop oregon assertion is presently active.
He besides highlighted different scam involving counterfeit PENGU tokens engineered to enactment arsenic honeypots. These fake tokens tin trap users during swaps and bargain their funds.
These events bespeak the increasing sophistication of crypto scams, particularly during marketplace rallies. As PENGU gains momentum, users are urged to enactment alert, verify token sources, and debar interacting with unsolicited airdrops.
The station PENGU squad dumps tokens worthy $66 cardinal portion scammers flood ecosystem appeared archetypal connected CryptoSlate.
English (US) 