[Bonk Guy Promotes Arc Chain Launchpad Platform Amid Controversy, Accused of Rug-Pull Permissions] BlockBeats News, September 14: This morning, well-known crypto KOL Bonk Guy posted that he has 'purchased the native token LONG of Arc's main Launchpad platform, as well as the top three ranked meme coins on the platform, believing there are short-term trading opportunities on the Arc chain.' Driven by this news, the market cap of the LONG token surged 27x in a short period. On-chain analysis revealed that multiple newly created addresses accumulated LONG tokens at low prices yesterday, with the price pump resulting in unrealized profits of hundreds of thousands of dollars for these positions. Additionally, crypto KOL 0xShawn, who previously minted BNC4 through Four.meme at post-market prices and profited $230,000 in arbitrage, stated that the long.supply platform has rug-pull permissions and can mint fake USDT at will. The platform has built a cross-chain bridge for stock tokens on the Robinhood-Arc chain, but the stock tokens on the Arc chain are not officially issued—they are issued by the platform itself. Moreover, the underlying protocol of the cross-chain bridge is not based on reliable protocols like Wormhole or L0. This means: 'The project team can shut down the cross-chain bridge at any time and withdraw the locked funds from the Robinhood chain. Essentially, you are exchanging your real USDT for fake USDT on the Arc chain, similar to the eUSD platform before its chain launch. That platform was urgently investigated by authorities and eventually collapsed.' [Original Link]