Meme Coin Flagged Rug Pull, Developers Bag Over $1M

The crypto world is a wonderful place in terms of technology and profitability. As a result, fraudsters take advantage of this feature of the industry for their own sake. This kind of scenario is not new in the crypto space. In fact, there are a lot of things like this that happen in the space every day.

Recently, meme tokens such as Squid Game (SQUID) and Tsuzuki Inu, a gaming meme coin in the crypto world, have been flagged as rug pull. In terms of Tsuzuki Inu, the developers of the network pulled off the liquidity of the crypto. The amount of money that the developer’s bag amounts to over $1 million. This made Watcher.Guru, a crypto enthusiast react in a tweet post:

The tweet post created by Watcher.Guru stated the recent rug pull transaction of the developers behind the Tsuzuki Inu crypto. In detail, developers of the crypto convert the funds to ETH then to USDC. As a result, the price of the crypto drastically fell, leaving all its investors in the platform empty handed.

Regardless, the crypto market continues to regain its composure from its bearish dip in the past months. Therefore, the total market capitalization of the whole crypto market is now up by +.1% in the past 24 hours. Indeed, this price position of the industry attracts investors in and out the crypto world.