Two multi-million dollar Ethereum DeFi project forks just "rug pulled" their investors

While the average DeFi coin is down massively since the summer highs, there have been projects launching that have caught the attention of many crypto investors, resulting in millions of dollars worth of capital raised.

Two such coins are Keep3r Network's KPR and CORE. The former is a coin launched by the founder of Yearn.

The coin traded at a $40 million market capitalization a day after it went live and then proceeded to move even higher.

Both coins have launched in the past five weeks and have seen tremendous success as aforementioned, even in the face of a weak Ethereum price and brutal DeFi correction.

Many of these forks have turned out to be scams or at least money grabs with no legitimate product or innovation.

This much was made clear when two multi-million-dollar forks "Rug pulled" investors in the past 24 hours.

As noted by the crypto analyst "Degenomics," a fork for both Keep3r Network's KPR and CORE have been rug pulled over the past 24 hours.

At its peak, the project had a market capitalization of approximately $5,000,000.

CoinBreeder/CBDAO, whose token BREE once had a $50 million market capitalization, was subject to an exploit by an admin that resulted in the project collapsing.

Su Zhu, CIO and CEO of Three Arrows Capital, explained in an early October podcast that the prevalence of forks and scams of prominent projects is a likely sign that a crypto sector has topped.