Essence Finance, a stablecoin project within the Scroll (SCR) ecosystem, is facing allegations of a rug pull. According to U.Today, the project's stablecoin, CHI, has plummeted over 92% in value over the past 24 hours, with an estimated $20 million worth of collateral assets drained. The rug pull allegations against Essence Finance have raised concerns within the Scroll ecosystem. Scroll is a zkEVM scaling solution for Ethereum, and Essence Finance was one of the first projects to launch on the network. The alleged rug pull has damaged the reputation of both Essence Finance and Scroll, and it raises questions about the security and reliability of decentralized finance (DeFi) projects. The DeFi sector has been plagued by rug pulls in recent years, with investors losing millions of dollars to fraudulent projects. Rug pulls occur when developers abandon a project and make away with investors' funds. The anonymity of the blockchain makes it difficult to track down and punish the perpetrators of rug pulls. The alleged rug pull of Essence Finance is a reminder of the risks involved in investing in DeFi projects. Investors should always do their due diligence before investing in any DeFi project, and they should be aware of the potential for rug pulls.