Adland

MonkeyPoxInu developers allegedly vanish with $400M, coin tanks 99% 3 days post-launch

Work from Home Secrets

👋 Want to work with us? CryptoSlate is hiring for a handful of positions!

Named after the recent resurgence of the MonkeyPox virus, MonkeyPoxlnu (MPOX) coin was launched on May 21 and lost 99% of its value three days later on May 23.

MPOX’s value crashed after its developers allegedly pulled an exit scam, vanishing with more than $400 million, according to a tweet by CryptoWhale.

As it is a new token, MPOX was not listed on prominent crypto data websites like CoinMarketCap or CoinGecko. It is a BEP-20 type token and was only listed on PancakeSwap  under the following address:

“0xE0934870Bcb3EF47c9Ff61BDa47CBdA74F1D0DC3”

Is $400M a stretch?

Some community members questioned the amount the developers allegedly stole. They reasoned that $400 million was too much of an investment for an unknown three-day-old coin.

The Financial Times also raised the same question. MonkeyPoxInu had 13 hodlers and 90 subscribers on its Telegram channel, according to an article they posted yesterday. The article stated:

“It would be absurd to believe that the devs got away with $400m+ by any means other than washing it up to that level first.”

At the time of writing, there are still no updates on the amount allegedly stolen by the developer team.

The tank was expected

Based on the commenting Tweets, the community was expecting the exit scam. For many, MPOX resembled the Squid Game Token scam, where developers took advantage of a subject’s popularity before disappearing with the money raised.

Many made fun of the news, hinting that a rug pull scam was the apparent result.

Another user sarcastically gave the PonziCoin example insinuating that some people never learn.

Posted In: Scams, Uncategorized

How to Start an Online Business

Leave a Reply

Your email address will not be published. Required fields are marked *