Gus – Cryptocurrency Expert
The creators of MonkeyPoxInu (MPOX) cryptocurrency investment made off with $400 million in an alleged exit fraud when the token's price plummeted. The cryptocurrency investment coin has now lost more than 99 percent of its initial value, according to a tweet from @CryptoWhale.
Due to its newness, the token appears to have gone unnoticed by many. It isn't included on popular cryptocurrency data websites like CoinMarketCap and CoinGecko. However, a brief examination at PancakeSwap, a decentralised cryptocurrency exchange (DEX), using the following smart contract address, reveals that the token indeed exists and is compliant with the BEP-20 standard:
Meanwhile, others on Crypto Twitter reacted to the MonkeyPoxInu exit fraud with ridicule, worry, and sadness. Greg, a well-known meme poster, for example, added a dash of irony to his comment:
Others, on the other hand, cautioned against investing in such ventures. Some have said that the name of the token should be enough to discourage people from purchasing it.
The exit scam is similar to Squid Game Token, a famous Netflix comedy with the same name. Squid Game Token took advantage of the South Korean hit's buzz and rug-pulled it after a few days. In other developments, Do Kwon, the developer of Terra, and Sam Bankman-Fried, the CEO of FTX, have been named in the newest dispute concerning the demise of LUNA and UST. According to accusations, Kwon and Bankman-Fried were involved in a complex conspiracy that resulted in the Bitcoin project's abrupt collapse.
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