A scam watchdog group has developed a token that would rug pull the ETH market after Vitalik Buterin got rid of his SHIB holdings.
The market cap of the SHIB tokens declined heavily on Wednesday after the Ethereum co-founder sold trillions of the tokens sent to his public Ethereum address by the creators, thereby provoking some members of the SHIB community.
The Telegram group of developers and auditors seeks to dump Ethereum having created Rug Ethereum (RETH) to retaliate the Buterin’s actions that pulled the rugs on SHIB holders.
The token hosted on the BSC network will be used as an alternative for ETH. The developers are seeking to create consistent sale pressure on ETH pairs on Binance SmartChain. The proposition is to create a force that would create an awareness of Buterin’s rug pull move on SHIB and dump ETH in favour of BNB.
According to Coin Market Cap, “a rug pull is a malicious manoeuvre in the cryptocurrency industry where crypto developers abandon a project and run away with investor’s funds.”
The value of SHIB fell by more than 50% on Tuesday from $0.00003394 to$0.00001563 by Thursday.
War on Rugs
Smart contract War on Rugs on Friday, introduced RETH hosted on Binance Smart Chain to Twitter followers, urging them to dump their Ethereum for the Rug Ethereum token.
The announcement has generated hundreds of reactions on Twitter with some in support of the move and others against it.
A Twitter user, @JoeyRocket responded to the announcement with this tweet: “Fail Level 10X. You want to rug $ETH because some shitcoins got curb stomped? This is one of the biggest projects on the planet. You’re lost sir you’re lost. A shitcoin in response to a shitcoin getting shitted on = a pile of shit. Unfollowed.”
Another Twitter commentator with the username “d3ell_” backed the rug pull move on ETH market.
“Not a rugpull. The devs gave Vitalik the tokens to try and get credibility and traction for their token and make it look like it was backed by him. Backfired when he gave them to charity. Good luck effecting ETH. 🤣 bet Vitalik is shitting himself!”, he tweeted.