Massive volumes of Pudgy Penguin’s PENGU tokens are flowing from the venture’s deployment deal with to centralized exchanges (CEXs), elevating questions amid a robust market rally.
On July 28, blockchain analyst EmberCN, citing Arkham Intelligence information, reported that greater than 206.9 million PENGU tokens, valued at roughly $8.91 million, have been transferred to varied CEXs throughout the previous 24 hours.
He stated that is a part of a broader switch sample noticed from the venture’s staff in the course of the previous month.
EmberCN identified that the PENGU staff has transferred over 2 billion tokens, valued at round $66.6 million, to CEXs in the course of the previous month.
Token transfers to exchanges are generally seen as an indication that holders may be making ready to promote. Consequently, the latest PENGU staff actions may very well be seen as a possible step towards liquidation.
This surge in token actions coincides with a notable value improve. In response to CryptoSlate’s market information, PENGU is buying and selling at $0.04278 on the time of writing. The token has climbed 3.3% over the previous day, gained over 17% up to now week, and jumped roughly 230% during the last month.
PENGU rip-off warnings
In the meantime, the PENGU token rally seems to have drawn consideration from scammers who’ve initiated a brand new wave of phishing scams focusing on the NFT venture token holders.
On July 27, Beau, the safety professional at Pudgy Penguin, defined that the brand new rip-off entails sending small quantities of PENGU tokens, often known as “mud,” to random wallets. These tokens use vainness deal with names that double as pretend web site URLs.
The safety chief identified that this rip-off is designed to govern customers into looking for these vainness names through Solscan.
From there, victims might unknowingly click on phishing hyperlinks that mimic Pudgy Penguins’ branding. If customers join their wallets, they’re prompted to signal malicious transactions that drain their property.
Beau clarified that no professional PENGU airdrop or declare is at the moment energetic.
He additionally highlighted one other rip-off involving counterfeit PENGU tokens engineered to behave as honeypots. These pretend tokens can lure customers throughout swaps and steal their funds.
These occasions replicate the rising sophistication of crypto scams, particularly throughout market rallies. As PENGU beneficial properties momentum, customers are urged to remain alert, confirm token sources, and keep away from interacting with unsolicited airdrops.
