"[C]rypto is stressful. [W]e designed the NUGS token to be a fun escape. [I]t's rug-proof, with all liquidity locked in a smart contract, so you can chill and BLAZE some NUGS worry-free." "[T]here are 420,000,000 NUGS and the supply is constantly shrinking. every transaction results in tokens being destroyed forever. this the economic principle of scarcity, bro." "[D]aily lottery at 04:20 china standard time. one of the the top 420 holders will be randomly selected to receive a fat sack of NUGS for doing absolutely nothing."


"DISCLAIMER: NUGS token is purely entertainment, not an investment. Before purchasing NUGS, you must ensure that the nature, complexity and risks inherent in the trading of cryptocurrency are suitable for your objectives in light of your circumstances and financial position. You should only purchase NUGS to have fun on the blockchain and, perhaps, win the daily lottery. Many factors outside of the control of NUGS Token will effect the market price, including, but not limited to, national and international economic, financial, regulatory, political, terrorist, military, and other events, adverse or positive news events and publicity, and generally extreme, uncertain, and volatile market conditions. Extreme changes in price may occur at any time, resulting in a potential loss of value, complete or partial loss of purchasing power, and difficulty or a complete inability to sell or exchange your digital currency."


"On August 11, 2020, the CertiK security research team discovered that the Ethereum-based token project NUGS had security issues. There were security vulnerabilities in its smart contracts, causing huge inflation in its token system. Since the security vulnerability of the smart contract could not be repaired, the NUGS project officially announced the decision to abandon the project, and the tokens deposited in it cannot be withdrawn. The loss of this attack was huge, which directly caused the project to fail."


"NUGS got listed on Uniswap yesterday and apparently saw its price jump 20% before falling out completely."


Nugs, a Chinese project, blamed the move to "a smart contract bug." In its official Telegram channel, Nugs today said, its smart contract is now "beyond repair."


Nugs token was designed to be "a fun escape," according to its website. The token supply was set at 420 million, and the daily lottery was supposed to be held at "04:20 china standard time," per the website.


The website goes on to mention that NUGS "should not be considered an investment." However, several users appear to have invested in the project, according to Twitter posts. One user, for instance, said that they "threw a few hundred bucks at it... hoping to buy a new car in 2 days time," referring to reaping quick gains.


"Every NUGs transaction would incur a 2%, with 1% of the tokens being permanently burned and 1% being used to create a daily lottery held “at 04:20 china standard time.” The project’s website mentions NUGS should “not be considered an investment,” but on social media users revealed they invested in the cryptocurrency."


"China-based Nugs.space, blamed going down on a “smart contract bug,” claiming on social media that it’s “beyond repair.”


"On social media, the team behind Nugs claimed that their tokens would “permanently remain untouched” in an Ethereum address, which currently contains over 100 million NUGS tokens in it. Nugs, per its website, was supposed to be a “fun escape” within the cryptocurrency space, with a total supply of 420 million."


"Ethereum blockchain data shows millions of NUGS tokens are pouring into the decentralized exchange Uniswap, presumably as users try to sell their holdings. On Uniswap the token started trading up after being listed, but soon plummeted."

The NUGS token is a deflationary token with the minting secured through a smart contract hot wallet. The website is presently offline and the token appears to have disappeared.

Sources And Further Reading

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