Stablecoin Plunges 98% in 24 Hours, Sparks Rug Pull Allegations

On October 26, the value of Essence Finance’s decentralized stablecoin, CHI, dropped sharply, falling over 90% amid rumors that over $20 million in collateral had been withdrawn.

Data from Geckoterminal shows that CHI, usually pegged to the U.S. dollar, plummeted by nearly 98% to $0.01338 within 24 hours. This massive decline has led to allegations of a possible rug pull by the protocol's developers.

As of now, Essence Finance has not commented on the incident or its impact on the platform.

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