In the aftermath of the recent hack on the United States Security and Exchange Commission's official X account, where a false post about a spot Bitcoin Exchange Traded Fund (ETF) surfaced, another alarming incident has emerged. A crypto security firm, PeckShieldAlert, brought attention to a fraudulent XAI token that plummeted by 100%.
#PeckShieldAlert #Slippage Fake XAI has dropped -100%The deployer 0xB3Ff…47DD has swapped 2,077,982,891,807.9 XAI 219,516 $BSC-USDNote: The #rugpull token shares the same name as the legitimate ones pic.twitter.com/iLOEasmGlM
— PeckShieldAlert (@PeckShieldAlert) January 10, 2024
On January 10, 2024, PeckShieldAlert reported on X (formerly Twitter) that the imposter XAI token experienced a 100% drop after the deployer address 0xB3Ff…47DD exchanged 2,077,982,891,807.9 XAI tokens for $219,516 BSC-USD. This fake XAI token emerged following Elon Musk's revelation of his startup, "xAI Crop," on July 7, 2023, with the goal of understanding the universe.
Initial data from the trading view platform showed that the token was trading around $0.30 during the listing of the authentic XAI gaming token from the XAI network on Binance. However, the deployer's significant holdings swap led to the counterfeit XAI's price plummeting to $0.000000105.
The repercussions extended to the genuine XAI token, causing a price drop to $0.51 after its Binance listing. In the last 24 hours, the XAI gaming token experienced a 24% decrease, primarily influenced by the fraudulent token's impact.
Arbitrum's $XAI gaming token (XAI) is distinguished among several tokens sharing the same name. The authentic XAI token serves as the gaming token on the Xai blockchain, developed by the primary developer of Arbitrum in collaboration with Offchain Labs and supervised by the Xai Foundation.
Source: Xai-foundation
Beyond its role as a designated token fee for network transactions, the XAI gaming token rewards validator nodes for validating transactions. It holds a pivotal position within the gaming ecosystem, including payment for in-game items.
Investors are reminded of the importance of thoroughly researching investment opportunities in the crypto landscape. Given the industry's volatility, factors such as white papers, roadmaps, token listings, market capitalization, maximum token supply, and token purpose should be carefully considered. Sound investment decisions should be based on a comprehensive understanding rather than succumbing to FOMO triggered by tweets or hype.
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