This week’s cautionary tale comes from KangaSwap, a flashy DEX promising 500% APY on obscure tokens. They hyped community staking, then pulled the rug in one transaction — draining nearly $2.4 million of user liquidity.
🕵️♂️ How they did it
Devs kept a hidden admin function to withdraw all LP tokens
Deployed the contract as “renounced,” but slipped in a backdoor
Announced a “migration” and rugged during the upgrade
🔍 Why this matters
Audits alone don’t guarantee safety
“Renounce ownership” claims can be faked
If you don’t verify every line, you’re trusting the wrong people
💬 What do you think — should there be a community-run on-chain court for rugpulls?
Drop your opinion below.
#TradersLeague #RugOfTheWeek #KangaSwap #CryptoScam #GreenFocus