100 pts each
10mb Finance is the algorithmic stablecoin protocol pegged to 1/10 USDC on the Cronos Network! The peg is maintained by two different methods:
Seigniorage, similar to Tomb, Dark Crypto, and other forks, and
Fractional collateralization, with minting and redemption, similar to Frax and Iron Finance
The 10SHARE token is the governance token of both the Tomb fork and Iron Finance parts. 10mb is the peg token!
This has to be the strangest incident Web3REKT has since in a while. It all started with a message advised token holder to redeem 10mb for USDC. Web3REKT did confirm that the price did drop to zero.
We believe this is likely an ICO/pre-sale rug pull.
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