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Polygon-Based Token Crashes to Zero in Rug Pull Scam

Mon, 08/08/2022 - 06:09
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Alex Dovbnya
Dragoma, a Polygon-based project, ends up being a rug pull scam
Polygon-Based Token Crashes to Zero in Rug Pull Scam
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Dragoma, a Polygon-based Web3 lifestyle sports application that combines GameFi and SocialFi elements, has pulled the rug on its users, according to security firm PeckShield.

The native DMA token has plunged 99.8% to virtually zero shortly after reaching a new all-time high of $1.81 on Aug. 8.

Notably, the token crashed shortly after MEXC Global announced that it would list the DMA/USDT pair in its Assessment Zone. Disgruntled users have harshly criticized the decision to list the token.   

The developers behind the ake-the-money-and-run sham project have deleted the social media channels. Dragoma’s website is also down at the time of writing.

PeckShield has noted that the bad actors have already deposited their stolen funds to centralized exchanges.

According to a report published by Chainalysis, cryptocurrency investors lost a whopping $8 billion to rug pulls back in 2021.

Last June, Polywhale Finance, a popular yield farm powered by the Polygon network, ended up being a "soft rug" exit scam, with its founders running away with investors' money.     

Recently, Polygon and Fantom services suffered a DNS attack that directed potential victims to malicious websites.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at