A project that announced that it would airdrop tokens after Telegram bot-themed altcoins gained popularity seems to have ended in disappointment.
The token named BANANA, which was airdropped to users and inspired by memecoins, managed to reach a market value of $ 60 million within minutes.
However, for the altcoin, which was launched around 21:30, the transaction started to go wrong approximately 1 hour later.
A major bug was discovered after a cryptocurrency analyst examined the codes in the token’s contract. According to the analyst, due to an error in the BANANA contract, the 4% fee that should have been deducted from the seller when the token was sold remained in the seller’s wallet. In other words, 100 more tokens are added to the wallet of someone who sells 2500 tokens.
After this fatal bug was discovered, a statement was made by the BANANA team. The developers reported that it was not possible to fix this bug in the token contract in any way. Developers said that although they performed security checks on their codes twice, they could not prevent this error.
As the next step, they announced that they would sell all the tokens in their treasury wallets and use them for a new contract. Then they made a commitment to send a new airdrop to users as soon as possible. With the effect of the bug and the explanations of the developers, the price of BANANA altcoin lost approximately 99%.
Graph showing the decline in BANANA price.
The developers claimed that the snapshots were taken and all token holders would be pleased. Cryptocurrency users are skeptical of the possibility of a rugpull.
*Not investment advice.
