- Polywhale Finance exit scam worth over $1 million.
- The Polywhale Finance official Telegram group closed permanently.
- The treasury wallet had reduced to just 1.6 million.
A leading yield farm on the Polygon network is Polywhale Finance. The developers of Polywhale Finance have abandoned the project in which appears to be a complicated exit scam worth over $ 1 million. This reported on Monday by the cryptocurrency news outlet Crypto Briefing.
Moreover, in pulling a soft rug exit scam by selling their tokens in the recent crypto market price collapse Polywhale Finance founders, accused. Even more, in a project-based Telegram group, Polywhale Finance mentioned the poor token economics, a negative market outlook, and competition as the biggest reason for the collapse.
Accordingly, the Polywhale Finance official Telegram group closed permanently along with community members increasingly induced that the project incorporates fraud.
Henceforth, the dissatisfied community members have begun a new Telegram group named “Polywhale Rugged”, the pinned message reads. “Attention: The[treasury] wallet has been drained almost entirely into the dev wallet and then 1.04 million redeemed from there”.
According to a member by the name of Exceptional, on June 9 the wallet contains 5 million tokens. More so, the treasury wallet had reduced to just 1.6 million in earlier days. This observed by a community member with handle SK. A community member, eventually removed from the chatroom, and the post he posted has deleted.
Accordingly, the message reads, “As of 12 am UTC that wallet now has ~$200,000 in it, with 1.4 million being transferred to the devs wallet at around 1655 UTC”.
A new finance dapp and the first yield farming dapp on the Polygon network, known as Polywhale Finance. It is a decentralized yield farm running on Matic and may other features like yield aggregator and leveraged yield farming.
Hence more, on the Polywhale Finance website, it claims to have over $3.6 billion in total value locked in its entire platform. In April 2021, an anonymous group launched the yield farm.
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