a famous dogecoin phenomenon, Matt Wallace recentlyAccept Cryptoa named altcoin and advertised it to his followers.
It has high transaction fees. cryptocurrency It was claimed that the income he earned would be transferred to people working for the acceptance of cryptocurrencies by businesses.
However, Wallace partnered with a person named Myles G, who was recently jailed for fraud and robbery charges, for the project.
“Accept Doge” was originally considered for the name of the cryptocurrency, but the Dogecoin Foundation prevented Wallace from using this name with the threat of legal action.
The Dogecoin community, on the other hand, was at odds with the influencer due to this name incident and Wallace’s constant sharing of inaccurate DOGE news on Twitter and Youtube.
The Altcoin Released by the Dogecoin Phenomenon Turned Out to be a Fraud Project
The crypto money Wallace launched, Accept Crypto, lost 99.9% of its value within minutes after rising by 12.000.
BREAKING: Crypto Influencer ‘Matt Wallace’ exit scams as his token plunges -99% #rugpull pic.twitter.com/WyiseRT4G9
— Mr. Whale 🐳 (@CryptoWhale) March 30, 2022
It turned out that the altcoin Wallace launched was a honeypot scam. Investors could buy this cryptocurrency but could not sell it. However, the money over $ 600,000 invested in the project was withdrawn from the market as Ethereum.
Following the developments, Wallace had an intense discussion with Patreon supporters on Telegram. The altcoin was originally planned to be public, but was later changed to privately owned by Wallace’s Patreon supporters. However, Wallace seems to have defrauded his own supporters.
I don’t think they intentionally did it but the issue with the contract was from a team member with Solidiity Finance because no changes were.
Doing everything in my power to figure this out and find a solution and it is very bad that happened.
— Matt Wallace (@MattWallace888) March 30, 2022
Wallace claimed that the problem was caused by Solidity Finance. Solidity Finance announced in a statement that it has no control over the project in question.
*Not investment advice.