War On Rugs Group Exit Scammed Users For Their Own Good, It Claims

The crypto watchdog group War on Rugs exit scammed people for their own good after it positioned itself as an authority of risky Defi smart contracts as we can see more in our latest crypto news today.

War on Rugs audited smart contracts and warned about projects that it saw as abusive. It started its own token and then partnered with another but things haven’t gone well since. The anti-scam watchdog War on Rugs presented itself as a resource for checking Defi project credentials, warning of projects, and saw as vulnerable. This recently included Shiba Inu which surged above the $5 million market cap. As a result, the group accumulated about 100,000 followers on Twitter. However, most of the WoR scam advisories failed to materialize so far.

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SHAPPY, EX LEADER OF WOR, HAS BETRAYED FAIRMOON AND RETH AND SCAMMED BOTH THE FAIRMOON AND WOR COMMUNITIES

WE HAVE WORKED SO HARD TO MAKE A DIFFERENCE AND CULTIVATE A STRONG COMMUNITY, AND HE BETRAYED US.

WE ARE DEEPLY SORRY FOR THE LOSSES WE ARE ALL EXPERIENCING RIGHT NOW

— NOT USING (@fairmooncoin) May 19, 2021

The aspiring hero turned villain as it seems it is already making off with more than $2 million worth of crypto in suspected rug pulls. Last week, the group launched the rug ETH token which is an ironic response to the ETH founder who liquidated his holdings SHIB that were sent to him by the SHIB creators. The RETH project levied a 4% tax on each transaction and two percent went to holders with the remaining amount being used to borrow WETH that will be dumped for binance Coin. RETH gathered more than 9000 holders in a week.

RETH came after the latest WoR audit of Fairmoon which is a clone of Safemoon that is a token that discourages selling by taxing transactions and redistributing the tokens to the holders. WoR was not a fan of Safemoon and trashed the project by writing “no backdoors or DoS possible from the owner perspective.” However, WoR and its head Shappy, became the leaders of the group and took over access to the smart contract. A day ago, both RETH and FAIR got rug pulled.

Here is the WARONRUGS thread, I knew he’d delete it. 😎🤝🤡 pic.twitter.com/7rNIuaXOK7

— rekt_teka$hi (@Rekt_Tekashi) May 19, 2021

Fairmoon lost about 100% of its value and the trading activity for RETH is almost non-existent. Fairmoon pled ignorance and posted on Twitter:

“SHAPPY, EX LEADER OF WOR, HAS BETRAYED FAIRMOON AND RETH AND SCAMMED BOTH THE FAIRMOON AND WOR COMMUNITIES”

According to WoR rival SafeDeFi, the rug pull was going on since the Fairmoon audit. It alleged that a central wallet was split in order to disguise the concentration among the holders. Each of the wallets, dumped $1.8 million when FAIR hit an ATH.