The SPCT token, native to Spectra Chain, has experienced a substantial downturn, plummeting by 43% during Friday's early hours amidst swirling allegations of a potential rug pull initiated by its development team.

As of the latest update, the token is trading at $0.0094, marking a staggering 27% decline within the preceding 24-hour period. This decline is notably stark when compared to its previous pinnacle on April 9, 2024, when SPCT reached an all-time high of $0.05065. Presently, SPCT's value stands at 81.66% lower than its peak, illustrating the severity of the recent downturn.

Spectra Chain, renowned for its recent introduction of Layer 2 solutions on April 16, boasts a robust ecosystem anchored by its Proof of Stake consensus mechanism. This mechanism aims to bolster scalability, reduce transaction costs, and facilitate the creation of intricate smart contracts. Additionally, the Spectra Chain ecosystem encompasses a Chain Explorer, bolstering transparency and security, alongside a Decentralized Exchange (DEX) and an NFT Marketplace, catering to digital asset trading enthusiasts.

Despite Spectra Chain's promising endeavors, the community's confidence has been rattled by reports from numerous SPCT token holders circulating on social media platforms. These reports allege the abrupt closure of Spectra Chain's official Telegram channel, further fueling suspicions of foul play within the project.

Adding fuel to the fire, a user, self-identified as 'lean,' levied accusations against Spectra Chain's founders, drawing parallels between their involvement in the project and past affiliations with VC Spectra. VC Spectra has been previously implicated in fraudulent activities resembling rug pulls.

The user's allegations suggest a potential impending collapse of the project, particularly if the team fails to deliver on promised transparency or delays indefinitely in providing "team dox," or documentation of team members' identities.

Notably, a Medium post dated December 21 by private investigator Michael Gugliotti sheds light on VC Spectra's dubious practices. Gugliotti reveals instances of VC Spectra evading multiple launch dates and altering token goals on their website, exacerbating the prevailing mistrust.

Gugliotti further discloses a concerning incident wherein a client, following an interaction with an individual purporting to be the accounts manager, discovered their account suspended and all communication channels severed. This led Gugliotti to report the incident as fraud to authorities including the FBI, FTC, and SEC.

This scenario isn't an anomaly in the crypto sphere. For instance, on April 15, the token value of Grand Base experienced a near-total collapse following the protocol deployer's sudden minting of millions of new tokens. The ensuing suspicions of a rug pull were eventually attributed to an exploit, as clarified by the project's spokesperson via a Telegram channel statement.