Everscale (EVER) Drops 20% on Rumors of Token Theft

By BeInCrypto October 18, 2023 In Cryptocurrencies, Everscale

Everscale’s (EVER) price has tanked by 20% as the team claims tokens have been stolen. But others are questioning whether it is a rug pull.

The cryptocurrency world is highly volatile, especially the altcoins with low market capitalization. They are subjected to black swan events, hacks, thefts, and rug pulls.

Everscale Team Issues Warning

BeInCrypto’s data shows that the price of EVER is down by over 20% in the past 24 hours. It has a market capitalization of $50.4 million and ranks 388th based on the market capitalization.

The official website says Everscale is the “most scalable blockchain.”

In response to the fluctuating prices, the team has reported the theft of EVER tokens. The Everscale team posted the following on Twitter (X):

“Friends, unfortunately, a large number of EVER tokens have been stolen. We are working closely with exchanges where EVER is listed in order to stop any further outflow of tokens. Please stay calm and refrain from taking any hasty actions.

“To halt the actions of those responsible, we have temporarily disconnected Octus Bridge. We will provide more details as the situation becomes clearer in the course of our investigation.”

Apart from this announcement, the team had yet to provide specific information by press time. Due to the vague information, some community members fear a rug pull. A rug pull is an incident where project owners try to steal users’ funds and shut down the platform.

However, in Everscale’s case, it is less likely to be a rug pull incident. DefiLlama data shows that the total value locked (TVL) has decreased from $2.7 million to $2.33 million, a 13% decrease. Generally, if the team intends to conduct a rug pull, the TVL drops to zero, and projects shut down the official website and social media handles.

Nonetheless, the investors and users should do risk evaluations and act accordingly.

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