Flits (FLS) token up 20% despite $1.68M rug pull incident – details

Updates on Flits (FLS) rug pull dominated the crypto market on October 11 after the altcoin faced a $1.68 million exit scam. The development caught the market’s attention as the BNB Chain-based coin faced the heist within a day of launching.

$FSL on BNB Chain rugged, the deployer profited ~$1.68M.
Contract: 0x8923881e8cAe6684C2bB84D69aE88A9bbbEC8d5a

The deployer
0x281b8cb2AE64cd14501fc7Bcd2545be2836B173D minted 100M $FSL at the creation of the contract.

The 0x281b address has then sent 97M $FSL to… pic.twitter.com/wv0AGsoBeQ

— Beosin Alert (@BeosinAlert) October 11, 2023

Wallet 0x281b minted 100 million FLS tokens following contract creation and sent 98 million coins to another address. The deployer then converted the amount to $1.68 million USDT before swapping for BNB and completing the transaction on crypto mixer Tornado Cash.

Flits token up 20% despite rug pull developments

Rug pull events trigger relentless price declines in the cryptocurrency markets. For instance, invezz.com reported how SAPR tokens plummeted massively following a $3 million theft by Swaprum developers.

While the latest developments catalyze price declines for FLS, which lost around 2% over the past week, the altcoin launched an enormous recovery within the last 24 hours. Flits has painted its daily chart green following a notable 20% uptick.

FLS’s current upswing comes as the broad crypto market struggles with a prolonged winter. Besides Solana’s 3.02% increase, the top ten digital coins recorded minor upticks within the past day. For instance, Bitcoin and Ethereum surged 0.85% and 1.03% to $26,940 and $1,555, respectively.

Understanding Flits

Flits is a passive income mobile app enabling individuals to earn by hosting decentralized masternodes or staking their digital coins. The platform boasts multiple new protocols that enhance functionality and flexibility.

Flits participants receive their rewards in Flits native coin FLS. The altcoin holders can use it to set masternodes, trade other coins, and pay fees.

Meanwhile, the recent Flits exit scam highlights the urgent need for legitimacy and security within the cryptocurrency marketplace. Players should exercise caution whenever interacting with new crypto projects.

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