Parcl Fake BSC Token Rug Pull
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Parcl Labs offers real estate price index tokens for portfolio diversification. A fake PRCL token was traded on the Binance Smart Chain, which allowed the token's creator to rug pull $172k. There doesn't appear to be much investigation thus far.
About Parcl
"Speculate on Rising & Falling Real Estate Markets"
"Driven by Parcl Labs, Parcl price indexes are meticulously crafted from vast real estate data reservoirs, encompassing millions of data points from cities across the globe. As leaders in real estate analytics, Parcl Labs continually refines and recalibrates to ensure each index mirrors real-time, city-specific real estate values down to the median price per square foot. At Parcl, our commitment goes beyond numbers; it's about offering a transparent, authentic, and tradable view of the global urban landscape's evolving pulse."
CoinMarketCap:[1]
The Reality
The token claiming to be Parcl was not associated with the Parcl project, and was instead a rug pull.
What Happened
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
"Fake PRCL on the BNB Chain appears to have exit scammed, resulting in a 100% price drop and causing losses exceeding $100,000."
| Date | Event | Description |
|---|---|---|
| April 15th, 2024 7:34:53 AM MDT | Token Contract Created | The smart contract for the fake PRCL token is created. |
| April 15th, 2024 8:06:40 PM MDT | Rug Pull Transaction | The time of the rug pull trade on the fake token. |
| April 23rd, 2024 8:45:00 AM MDT | Inclusion In Tweet | The incident is included in a tweet by Web3 research firm Salus[3]. |
| April 25th, 2024 11:25:11 AM MDT | SlowMist Analysis | Blockchain security firm Slowmist analyzes the rug pull token on DexTools[4]. |
Technical Details
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?
"Fake PRCL on the BNB Chain appears to have exit scammed, resulting in a 100% price drop and causing losses exceeding $100,000."
"Apr 15 20:06:40 sell $0.0₁₀8617 $172,350.50 0.0₁₂1573 2,000,000,029,277,270"
Total Amount Lost
Blockchain research firm SlowMist placed the amount lost at $100k[4].
The total amount lost has been estimated at $172,000 USD.
How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
Immediate Reactions
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?
Ultimate Outcome
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?
The incident was included in a weekly summary by Web3 firm Salus[3].
"1. Approximately $800k was lost due to rugpulls on the BNB Chain. These included fake tokens of PRCL, VDZ, and more."
The incident was also covered by SlowMist[4].
Total Amount Recovered
There do not appear to have been any funds recovered in this case.
What funds were recovered? What funds were reimbursed for those affected users?
Ongoing Developments
What parts of this case are still remaining to be concluded?
Individual Prevention Policies
No specific policies for individual prevention have yet been identified in this case.
For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.
Platform Prevention Policies
Policies for platforms to take to prevent this situation have not yet been selected in this case.
For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.
Regulatory Prevention Policies
No specific regulatory policies have yet been identified in this case.
For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.
References
- ↑ 1.0 1.1 Historic Parcl Prices - CoinMarketCap (Apr 25, 2024)
- ↑ 2.0 2.1 Fake Parcl Token Swap - DexTools (Apr 25, 2024)
- ↑ 3.0 3.1 Salus - "Approximately $800k was lost due to rugpulls on the BNB Chain. These included fake tokens of PRCL, VDZ, and more." - Twitter (Apr 25, 2024)
- ↑ 4.0 4.1 4.2 SlowMist Hacked - SlowMist Zone Archive April 24th, 2024 2:43:02 PM MDT (Apr 24, 2024)
- ↑ Token | Address 0x8db24fed8461cd656089ea3587bc340884fabad1 | BscScan (Apr 25, 2024)
- ↑ Initial Minting Of Fake Parcl Tokens - BscScan (Apr 25, 2024)
- ↑ Swap 2,000,000,029,277,270.045681590223598536 Fake Parcl Tokens For 172,350.507962009446068987 BSC-USD - BscScan (Accessed Mar 13, 2024)