SPCT Token Plunges 43% Amid Allegations Of A Rug Pull

1. WHO: Investors and token holders of Spectra Chain's native token (SPCT) have been affected by this potential rug pull incident. 2. WHAT: SPCT experienced a dramatic 43% price plunge on Friday morning amid allegations of a rug pull by the project team. The token was trading at $0.0094, down 27% in 24 hours and 81.66% below its April 9 all-time high of $0.05065. 3. HOW: The suspected rug pull was executed by abruptly shutting down the project's official Telegram channel, cutting off communication with investors—a classic exit strategy in crypto scams. To protect themselves, investors should: conduct thorough research on project founders, verify team credentials, check for code audits, be wary of projects with anonymous teams, and diversify investments to minimize exposure to any single token. 4. WHY: This apparent rug pull likely occurred because the project was designed with malicious intent from the beginning. If allegations about the founders' past involvement in fraudulent projects are true, this suggests a pattern of behavior where the same bad actors move from one scam to another. Investors' desire for quick profits on new tokens often leads them to overlook warning signs. 5. WHERE: The impact is global, affecting SPCT token holders worldwide who participated in the Spectra Chain ecosystem. The crypto community at large is also affected as incidents like these damage trust in the broader cryptocurrency market.