GAIN Plunges 90%: Mint, Dump, Bridge — A Perfect Rug Setup?

What Happened to Griffin AI's GAIN Token?

In a shocking turn of events, Griffin AI (GAIN) experienced a dramatic 90% plunge in value just a day after its launch on Binance Alpha. On-chain data reveals a suspicious sequence of events that has left many questioning the integrity of the crypto's management.

What’s Behind the Price Plunge?

Significantly, a devastating exploit involving the Griffin AI cryptocurrency has led to the token’s massive loss in value. Sparking speculations of a possible GAIN rug pull, address 0xF3…8Db2 minted a staggering 5 billion coins from Null: 0x00…0000 earlier today. Soon, the address dumped 147.5 million GAIN on PancakeSwap, profiting at least 2,955 BNB.

It is noteworthy that the 5 billion minting has propelled Griffin AI’s total supply to 5.2985 billion. This surprise influx, followed by a swift sell-off, triggered a catastrophic 90% price crash, decimating the value of legitimate holders' assets.

In a recent X post, sleuth CertiK Alert revealed the rug pull, where the attacker initialized a false LayerZero Peer on Ethereum, then bridged 5B fake token it created to mint 5B GAIN on BSC.”

According to on-chain analyst ai_9684xtpa, the attacker's illicit token dump raked in a whopping $3.01 million in profit. Later, the attacker allegedly moved these funds to major networks like Solana and Ethereum via deBridge's cross-chain transaction capabilities to cover their tracks and launder the illicit profits.

Launch Precedes Plunge

Interestingly, the unauthorized minting and the subsequent price drop followed the Griffin AI token’s recent launch on the BNB Chain, with listings confirmed on multiple exchanges like Binance Alpha, KuCoin, HTX, MEXC, and Gate.io.

The token launched at a price of $0.163 and soon experienced a significant surge to $0.252. While the cryptocurrency exhibited a slow plummet over the next few hours, it still maintained its bullish signals.

However, following the attacker’s illicit activity, the crypto experienced a major downturn, reaching a severe low of $0.0052, a decrease of more than 90%. At press time, GAIN is trading at $0.0261, down by 75% over the past 24 hours.

The enormous increase of 11594800% in the 24-hour trading volume, which is currently at $180 million, indicates that traders are primarily involved in token activity during this dip.

Since the GAIN cryptocurrency was only released the day before, it is difficult to make a firm prediction about its short-term course. The recent exploit has created a great deal of uncertainty, and the token's price action has been incredibly volatile. But according to technical indicators, the crypto is expected to hit $0.244 in 2033. However, before predicting or investing in the cryptocurrency, market players should be cautious and take a number of factors into consideration