The Spectra Chain native coin, SPCT, went down a lot, falling by 43% on Friday morning because of new claims that the project’s team may have pulled the rug out from under the community.
As of the most recent report, the token is trading at $0.0094, which is 27% less than it was 24 hours ago.
SPCT was worth a high of $0.05065 on April 9, 2024, but it is now worth 81.66% less than it was at its peak.
SPCT Chain’s Allegations of Rug Pull
The April 16 launch of Spectra Chain’s Layer 2 solutions made it famous. It uses a Proof of Stake consensus method to improve scalability, lower transaction fees, and make it easier to create complex smart contracts. Along with a Chain Explorer for more security and openness, a Decentralized Exchange (DEX), and an NFT Marketplace for trading digital assets, it has an ecosystem.
But the community lost faith when some SPCT token users said on the social media site X that Spectra Chain’s official Telegram channel had been shut down without warning.
To make things even stranger, a user with the name “lean” said that the founders of Spectra Chain had worked on projects with similar scams in the past.
The user said that Spectra Chain might fall apart soon if the team doesn’t deliver the promised transparency or “team dox” within a reasonable amount of time. They did this by pointing out apparent connections between the founders of Spectra Chain and people connected to VC Spectra, a project that had been linked to a rug pull in the past.
Private investigator Michael Gugliotti wrote on Medium on December 21 that VC Spectra has regularly pushed back launch dates and changed the goals of tokens on its website, which has made investors even less trusting.
Gugliotti said, “After talking to someone who said they were the accounts manager, all communication with a client of mine was cut off and their account was suspended.” Because of this, we have since told the FBI, FTC, and SEC that this is a scam.
This event is a reflection of larger worries in the bitcoin industry. For example, on April 15, Grand Base’s token value dropped almost 100% after it was revealed that the project’s deployer had made millions of new tokens. This made people think that there might have been a scam. Later, a representative for the project addressed these concerns in a message on a Telegram channel, saying that the event was caused by an exploit.
