with a meme coin Baby Musk Coin, has lost 100% of its value after its developers scammed “rug pull”. Aforementioned altcoinhad received an investment of $ 2 million at the entrance to the market and claimed that it would revolutionize the meme coin world.
Baby Musk Coin Altcoin Price Reset After Fraud Allegations
Baby Musk Coin, named after Elon Musk, seems to be experiencing a “rug pull” scam with its price dropping 100%. According to reports, the altcoin’s developer has all crypto coins By selling it, the meme caused the price of the coin to experience a sudden drop. Users who invested in the coin failed to sell their cryptocurrencies.
The fraud project in question had succeeded in receiving an investment of 2 million dollars at the ICO event it held at the beginning of February 2022. The developers of the fake project claimed that Baby Musk Coin would revolutionize the meme coin world so that people would think that this altcoin is indeed a good project.
With these promises, the price of crypto money had risen sharply. Later, the project’s alleged CEO, Grant Liu, claimed that “this is just the beginning”. The project also said that its roadmap includes various features such as an index fund and a decentralized exchange called Baby Musk Swap.
Thus, a new one has been added to the fraud and theft incidents that have been around in the crypto money world recently. In the past, scammers using popular names such as the Squid Game altcoin continue to steal the savings of innocent people.