On February 23, blockchain security company PeckShield tweeted that the developers of the Web3Memes (W3M) token based on BNB Chian (formerly BSC) siphoned nearly 625 BNB from the token’s liquidity pool and put the It moved to TornadoCash. At the time of writing, that amount is worth $235,000.
Blockchain data shows that the token was created early today and listed on BSC-based PancakeSwap shortly after. In the hours that followed, W3M saw more than 1,800 transactions with more than 1,000 holders.
However, anonymous developers withdrew W3M’s trading liquidity about 5 hours after its launch. The price of W3M fell from a high of $0.000000204 to below $0.00000000277, a drop of nearly 100%.