Essence Finance’s CHI Stablecoin Crashes 92%

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Essence Finance, a project in the Scroll ecosystem, is under scrutiny after its stablecoin, CHI, plunged over 92% in 24 hours, hitting $0.077. Allegedly, more than $20 million in collateral has vanished, raising suspicions of a potential rug pull. The project’s last communication was on September 11, leaving investors questioning its reliability. Although previously audited by FEI Protocol V2, the rapid asset drain and lack of updates are sparking significant concerns regarding Essence Finance’s credibility and the safety of DeFi investments.