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TechFlow reported on October 26, according to Wu's Blockchain Report, that Essence Finance, a decentralized stablecoin project in the Scroll ecosystem, has been rug-pulled. Its USD-pegged stablecoin CHI plummeted by 94.78%, currently trading at 0.05153 USDC. Over $20 million worth of collateral is suspected to have been withdrawn. The project's last tweet was posted on September 11.
According to Wu Blockchain, Essence Finance, a decentralized stablecoin project in the Scroll ecosystem, has been rug-pulled. Its dollar-pegged stablecoin CHI plunged 94.78%, currently trading at 0.05153 USDC. Over $20 million worth of collateral is suspected to have been withdrawn. The project's last tweet was posted on September 11.
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