link.png

ID:

10mb-finance-960

Date:

Status:

Incident Count:

July 4, 2022

Verified

1

info.png
target.png
REKT

Contributor:

chain.png

web3rekt.com

KYC By:

KYC:

Assure Defi

info.png

Audit By:

Audits:

Ether Authority

Loss Amount:

-

info.png

Recovered:

-

Rewards:

Currency:

USD, 10MB

info.png

Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Cronos

Assets

Token

Scams

Extended Method:

Rug Pull

rt

info.png

Days in Operation:

129

(0.35 Years)

chain.png
chain.png
chain.png
chain.png
datasource.png

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.

https://cronoscan.com/token/0xd8d40dcee0c2b486eebd1fedb3f507b011de7ff0

We believe this is likely an ICO/pre-sale rug pull.

info.png

DISCLAIMER: While web3rekt has used the best efforts in aggregating and maintaining this database, this web site makes no representations or warranties with respect to the accuracy or completeness of its information and data herein, and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose. 

Under no circumstances, shall web3rekt be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the data and information derived from this database.