Users call ‘rug pull’ as $Univ loses 100% of its value in 24 hours
03:10, 25 April 2022
Crypto investors are crying ‘rug pull’ after the value of digital coin $Univ with CoinMarketCap data showing that its value has fallen 100% over the previous 24 hours.
The crypto data site said $Univ’s current market capitalization ranking is 3860, with a live market cap not available.
“The circulating supply is not available and the max supply is not available,” the website reports.
According to the coin’s coin’s website, Universe was: “A blazingly fast and innovative DaaS on the Avalanche (AVAX) network. Passive income up to 1,113% APR, NFTs, Sustainability & Metaverse in your pocket.”
AVAX to US dollar (AVAX/USD)
DaaS stands for Desktop as a Service, and is a cloud computing offering where a service provider delivers virtual desktops to end users over the Internet, licensed with a per-user subscription.
Over on Twitter, $Univ’s founder, who goes by the handle @cattyverse, said that they had woken up to discover the collapse in value but warned users not to buy or trade the coin.
In a subsequent tweet @cattyverse said that the backers were working on a solution and that there was still value linked to AVAX within the project.
What is your sentiment on AVAX/USD?
i honestly have no idea what we are going to do to make this right, we have invested so much time and money in this project it hurts— cattyverse (@cattyverse) April 25, 2022
we still have 50k in avax from the treasury, we are actively trying to find ways to recover the funds and find a solution moving forward
“Another DaaS protocol rugged”
Twitter users were not convinced with one person, tweeting under the name of Johnny Crypto describing its “another DaaS protocol rugged”.
A rug pull is when a developer suddenly abandons a crypto token, typically on the decentralized finance (DeFi) network, and takes all attached funds with them.
Chainalysis estimated that $2.8bn was lost to rug pulls last year, 90% of which was down to the Theodex Exchange rug pull which saw the CEO of a Turkish crypto exchange disappear after a trading halt.
If it: “Sounds too good to be true, it probably is”
“18k holders taken advantage of because they trusted a “fully doxxed” team that had 100% controlled of the treasury. But all their info was easily available on their discord right? Stay away from all “as-a-service” protocols,” said Johnny Crypto.
The North American Securities Association warns about crypto scams that if something: “Sounds too good to be true, it probably is”.
By comparison with the returns promised by $Univ’s backers, the US 10 Year Treasury yield, often referred to as the ‘risk free rate’ of return, is currently about 2.9%.
Rug - pulled
Nearly two months later @Cattyverse’s twitter account no longer exists. According to data from CoinMarketCap there have been regular trades since the 24 April apparent rug pull and one one day @UNIV was top riser, seeing its price increase 42% on 7 June.
But volumes are tiny. Trades conducted on June 19 worth were less than one dollar.