Ragnarok Token Deposits 99% In One Day And Community Says Goodbye To Another NFT Game

Ragnarok Token Deposits 99% In One Day And Community Says Goodbye To Another NFT Game

A token created to represent the game Ragnarok Online has devalued by 99% in the last 24 hours, demonstrating yet another problem with so-called GameFi or just NFT games. The new case was alarmed by a team of blockchain analysts, who discovered a possible scam by the creators.

Games with items in NFTs won the gamer world in 2021, when many arrived with the promise of big income.

One of those who gained more expression in this move was Axie Infinity, who, after the hacker attack suffered in his ecosystem, did not resume the height of the past.

But hacker attacks were not the only problems in this new market, which has caused huge losses for investors.

Game Token “Ragnarok Online Invasion” Devalues ​​99% In Hours

Several online game projects do not pay their gamers, who not only spend hours for applications, but also consume their products.

So the innovation of being able to play to earn attracted many to this market. It is worth remembering that in order to start a game, it was necessary to invest an initial amount of money, something that to many sounds like a financial pyramid.

Anyway, with the downturn in the cryptocurrency market, games are no longer exciting and games have stopped emerging and becoming famous. Many of them were already bad when they paid some investors, so at the bottom of the market, interest in these products disappeared.

But the new scams that are appearing in this market consist of making a game with a famous brand, such as Ragnarok, and trying to take money from unwary investors.

This happened in recent months with the launch of the ROI token, of an alleged game called “Ragnarok Online Invasion”, created in May 2022. After undergoing several drops since its inception, it has fallen by 99 in the last 24 hours. % devalued , according to PancakeSwap data, buried for good.

Token ROI, from a fake Ragnarok Online game, completely devalued in just 24 hours
Token ROI, from a fake Ragnarok Online game, completely devalued in just 24 hours. Reproduction: PancakeSwap.

Community warns against contract maker scam

In a warning published Thursday (8), blockchain security and analytics firm Certik revealed the case of the fake Ragnarok token, when it was “just” 98% devalued.

In the public warning against this project, they reported that the “transferOwnership()” functionality had been activated, which could indicate that the contract maker itself has left a vulnerability to be exploited.

The experts advise investors to be aware of these types of projects.

“The open access vulnerability of transferOwnership() appears to have been exploited. Stay tuned!”

Source: Live Coins

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