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ORDEX Token Falls to Zero in Swift Rug Pull Scheme

2 mins
Updated by Kyle Baird
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In Brief

  • ORDEX token value plummeted to zero in under an hour due to a rug pull scheme, causing a loss of over $70,000.
  • Fraudsters have previously exploited similar schemes, like the fake GEMINI token rug pull, stealing significant funds.
  • Traders should verify ticker symbols on decentralized exchanges and be wary of low market capitalization tokens.
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The Ordinal DEX (ORDEX) token dropped to 0 in less than one hour as the team conducted a rug pull.

Ordinals have been the center of attention amongst the crypto community in 2023. However, every new narrative also motivates fraudsters to create fraud tokens and scam unaware investors.

ORDEX Rug Pull: More Than $70,000 Lost

According to PeckShield, an address that starts with 0xea81 swapped one quadrillion ORDEX tokens for 30.96 Ethereum (ETH) worth approximately $70,600. Hence, the token dropped to 0 in less than one hour on Uniswap. PeckShield informed its viewers:

“The #rugpull token shares the same name as the legitimate ones”

ORDEX/USD. Source: CoinMarketCap/TradingView
ORDEX/USD. Source: CoinMarketCap/TradingView

Read more: What Is a Rug Pull? A Guide to the Web3 Scam

Previously, a similar incident happened with a fake GEMINI token on December 7. PeckShield mentioned that the bad actors converted 4.2 quadrillion GEMINI tokens to 133.97 Wrapped Ethereum (WETH) and conducted a rug pull.

Sometimes, the scammers may use tickers that spell similar to that of the legitimate project. 

For example, an imposter project of the Islamic Coin (ISLM) with the ticker – ISLAMIC was trading on the BNB chain. Then, on October 11, the scammers dumped one quadrillion ISLAMIC, stealing over $150,000.

While using decentralized exchanges, traders should cross-verify if they are trading the coins with the correct ticker symbols. Furthermore, certain crypto data aggregator tools may give detailed information on where a specific crypto token is listed.

Moreover, tokens with extremely low market capitalization have a high probability of a rug pull. Prices of such tokens can be easily manipulated, and they are also subject to higher volatility.

Read more: 15 Most Common Crypto Scams To Look Out For

Do you have anything to say about the ORDEX rug pull or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
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