Stablecoin Plunges 98% in 24 Hours, Sparks Rug Pull Allegations

Early on Oct. 26, the U.S. dollar value of Essence Finance’s decentralized stablecoin, CHI, plunged by more than 90% after rumors emerged that more than $20 million of collateral had been removed. According to Geckoterminal data, the value of the stablecoin, which normally trades at par with the U.S. dollar, dropped by nearly 98% to […]