The media threshing of cryptocurrencies on the theme of memes has increased significantly in recent years, as are the scams in the memes. 2024 witnessed a change in the state of mind of investors around these cryptos on the theme of the memes with low capitalization because of their great profitability. However, this simplicity and this request created the opportunity for scams, in particular those of pump and dump, where the creators attract investors before crashing the token. The most recent case is of this Indian scam of memes currency creator, where the cryptographic investor with the pseudonym MRPULKDOTETH would have scammed $ 10 million in gang token in just 8 minutes. Let’s discuss.
How this Indian currency of 10 million dollars took place
Fawi, another Crypto user, analyzed the alleged Indian Menth Square and shared the conclusions on X. Fawi Trendy the same corner accident.
According to the statements of several experts, Mr. MRPUNKDOTETH launched the gang token and said it was “for culture”. The concern of the cryptographic community began when the creator revealed his plans to hold 90% of the token supply to control the token and sell only 5%. More importantly, the subsequent results indicated that the person had almost 95% of the offer, which he extracted and dropped, crushing this token.
A few moments after the launch news, the creator would have started emptying his gang crypto, an extraction of 1.3 million dollars in two minutes. However, things were only the beginning, because the creator has several lateral portfolios, extracted collectively $ 10 million and immediately extinguishing them via Binance.
In particular, the extraction of $ 10 million is only speculation now, but most of the experts say that the creator has benefited from more than $ 4 million in this scam. More importantly, this led to the accident of the price of the thugs, leaving 99% of loss holders while the initiates made profits.
The gang token crashed at 99.5%, obtaining a community backlash
Mrpunkdoteth’s tweet on the launch of the gang token has become viral, giving the token an initial boost, mainly because the creator showed a fun side. He claims that the token is intended for the community and culture, which has attracted attention.
However, while the Indian money scam collapsed, the price of the gang token crashed 99.5%. It is currently negotiated at 0.00002101, with a market capitalization of $ 112.51,000 and a negotiation volume of $ 257.43,000 per Geckoterminal.
This left the indigenous cryptographic community, because the alleged creator clearly manages a carpet pumping scam. Investors called for legal action against the creator and urged the Cryptography exchanges and platforms to freeze the funds.
In a similar but different scenario, Charles Token crashed, as a founder of Cardano, Charles Hoskinson burned $ 100 million ADA currency value. The creator of Charles Same Coin sent these tokens to him, who wanted to benefit from the Crypto association in Hoskinson.
What is the lesson here?
The growing number of carpet shooting scams affected thousands of investors. Such incidents drew attention to the rigor of Dyor and ignoring the FOMO. In the case of Thug Life’s Life token, the creator builds an FOMO around the token, causing massive losses for 99% of investors. The MRPunkdoteth has been allegedly alleged in the Indian Currency Guns, where experts think that the investor and the creator must have benefited from around $ 10 million. Investors are advised to avoid single property projects, check the activities of the portfolio and implement appropriate risk management.
Pooja Khardia
With a deep passion for reading and five years of experience in writing content, Pooja is now focusing on the manufacture of trendy content on the cryptocurrency market. As a dedicated cryptographic journalist, Pooja is constantly looking for trendy subjects and informative statistics to create convincing pieces for crypto enthusiasts. Staying informed of the latest trends and progress in the field is an integral part of your daily routine, fueling a commitment to offer timely and perceptive coverage
Warning: The content presented may include the author’s personal opinion and is subject to the market state. Do your market studies before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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