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Two Rug Pulls Caused Crypto Investors Thousands of Dollars

1 min
Updated by Bary Rahma
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In Brief

  • Cyvers detected attempts to execute rug pulls on DreamPal AI and Rafa AI, acting swiftly to mitigate damage.
  • Meir Dolev emphasizes the importance of investor caution and seeking trustworthy assurances of token safety.
  • The incidents highlight the ongoing threat of rug pulls in the crypto market and the need for vigilant measures.
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Cyvers recently uncovered attempts to execute rug pulls on two popular tokens: DreamPal AI and Rafa AI. 

These malicious smart contracts, identified upon deployment, underscore the persistent threat lurking in the digital asset space.

Two Rug Pulls in One Week 

Cyvers, renowned for its security measures, told BeInCrypto that the firm acted swiftly to mitigate potential damage. Its monitoring tools are designed to detect such nefarious activities in their infancy. Consequently, offering a crucial buffer against the financial devastation typically associated with rug pulls. 

These scams, which can unravel in as little as three hours, present a significant challenge to investors and platforms alike.

Indeed, Meir Dolev, the CTO and Co-Founder of Cyvers, shed light on the incident. He emphasized the importance of immediate awareness and coordinated response. Dolev also advised investors to proceed cautiously, highlighting the necessity of reliable assurances regarding token safety

 “Users should be cautious about buying tokens and always seek trustworthy assurance of their safety. This assurance can only be provided by reputable players within the ecosystem,” Dolev told BeInCrypto. 

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

DreamPal AI and Rafa AI Rug Pulls.
DreamPal AI and Rafa AI Rug Pulls. Source: Cyvers

In response to these incidents, Cyvers has reinforced the need for heightened vigilance and the adoption of effective security measures. Indeed, these recent rug pulls are a stark reminder of the inherent risks within the cryptocurrency market. 

Read more: Crypto Project Security: A Guide to Early Threat Detection

By leveraging security solutions and cultivating a well-informed investor base, the industry can navigate the challenges posed by malicious actors and maintain its integrity.

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Bary Rahma
Bary Rahma is a senior journalist at BeInCrypto, where she covers a broad spectrum of topics including crypto exchange-traded funds (ETFs), artificial intelligence (AI), tokenization of real-world assets (RWA), and the altcoin market. Prior to this, she was a content writer for Binance, producing in-depth research reports on cryptocurrency trends, market analysis, decentralized finance (DeFi), digital asset regulations, blockchain, initial coin offerings (ICOs), and tokenomics. Bary also...
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