- MonkeyPoxInu tanked in price as developers were alleged to have run off with $400 million.
- MPOX is a relatively new BEP-20 token that is available on PancakeSwap.
- The event is reminiscent of Squid Game Token, another project that was rug-pulled.
MonkeyPoxInu (MPOX) developers have run away with $400 million in an apparent exit scam as the token tanked in price. According to a post by Twitter handle @CryptoWhale, the token has now lost more than 99% of its initial value.
The token appears to have been unheard of by many since it is relatively new. It is not listed on prominent crypto data sites such as CoinMarketCap and CoinGecko. However, a quick look at decentralized exchange (DEX) PancakeSwap using the following smart contract address shows that the token definitely exists under the BEP-20 standard:
Meanwhile, Crypto Twitter commented on the MonkeyPoxInu exit scam – some with sarcasm, while others with alarm and disappointment. For instance, popular meme poster Greg commented with a spice of sarcasm:
Wow I probably should not have put my life savings into this— greg (@greg16676935420) May 23, 2022
Others, however, warned people against investing in these types of projects. Some mentioned that the name of the token itself is enough reason to tell people not to buy.
The exit scam is reminiscent of Squid Game Token, an eponym of the popular Netflix series. Squid Game Token took advantage of the hype behind the South Korean hit and then rug-pulled after a couple of days.
In other news, Terra creator Do Kwon and FTX CEO Sam Bankman-Fried were tagged in a latest controversy surrounding the collapse of LUNA and UST. According to allegations, Kwon and Bankman-Fried are part of an elaborate scheme that caused the sudden demise of the cryptocurrency project.
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