SPCT token crashes 43 following accusations of a rug pull

The native token of Spectra Chain, SPCT, saw a significant drop of 43% on Friday morning amidst allegations of a potential rug pull by the team.
As of the latest update, the token is trading at $0.0094, reflecting a 27% decrease in the past 24 hours.
Having previously reached an all-time high of $0.05065 on April 9, 2024, SPCT’s current price is now 81.66% lower than its peak.
Spectra Chain, which recently introduced its Layer 2 solutions on April 16, is recognized for its Proof of Stake consensus mechanism that aims to enhance scalability, reduce transaction costs, and facilitate the creation of intricate smart contracts. The ecosystem also includes a Chain Explorer for increased transparency and security, a Decentralized Exchange (DEX), and an NFT Marketplace for trading digital assets.
However, the community’s trust was shaken when multiple SPCT token holders reported on social media platform X that Spectra Chain’s official Telegram channel had been suddenly shut down.
Adding to the turmoil, a user known as ‘lean’ claimed that the founders of Spectra Chain had prior involvement in projects linked to fraudulent activities.
Drawing connections between the founders of Spectra Chain and those associated with VC Spectra, a project previously flagged for a rug pull, the user hinted at a potential collapse for the project if promised transparency or “team dox” turns out to be misleading or indefinitely postponed.
In a Medium post dated December 21, private investigator Michael Gugliotti highlighted VC Spectra’s evasion of launch dates and alterations in token goals on their website, further fueling distrust.
Gugliotti mentioned an incident where a client’s account was suspended and communication ceased after interacting with someone claiming to be the accounts manager. The matter was reported as fraud to authorities including the FBI, FTC, and SEC.
Similar incidents within the crypto industry have been observed, such as Grand Base’s token value plummeting nearly 100% on April 15 due to suspicions of a rug pull linked to the minting of millions of new tokens by the protocol’s deployer.
The sudden surge in token supply raised concerns, which were later attributed to an exploit by the project’s spokesperson in a statement via a Telegram channel.
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