Stablecoin Project Essence on Scroll Rugged, CHI Plummets 97.78%

WikiBit 2024-10-29 17:32

Collateral worth over $20 million has been withdrawn, causing the price of CHI to plummet.

The decentralized stablecoin project Essence Finance, built on the Scroll ecosystem, has experienced a rug pull. Its USD-pegged stablecoin CHI has dropped 97.78%, currently priced at 0.0022917 USDC. Collateral worth over $20 million is suspected to have been withdrawn. The projects last tweet was posted on September 11.

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