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

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

Three-day-old MonkeyPoxlnu coin lost 99% of its value after its developer team allegedly ran off with $400 m in an exit scam.

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

Cover art/illustration via CryptoSlate

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 PancakeSwapย  under the following address:

โ€œ0xE0934870Bcb3EF47c9Ff61BDa47CBdA74F1D0DC3โ€

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:

โ€œIt would be absurd to believe that the devs got away with $400m+ by any means other than washing it up to that level first.โ€

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 subjectโ€™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