One of the scourges of the cryptocurrency market is malicious developers. Recently, we’ve seen scam cases spread across the entire crypto industry, victimizing thousands of investors. In the latest developments, the team behind an altcoin project called JasmyCoin (JASMY) is slowly dropping the price of JASMY token with the “rug pull” method and quietly walking away with the money they make from the sales. Another sad detail is that the cryptocurrency is listed on Binance…
According to the official website, JasmyCoin (JASMY) describes itself as
JasmyCoin, It is based on the ERC 20 standard. The token can also be used by an unspecified number of individuals and businesses to transfer tokens using digital devices as proof of exchange of value or payment for services. Without limiting its usability, the token can have a wide variety of purposes.
$60 million altcoin is slowly melting down
Allegedly, JasmyCoin developers have sold billions of tokens directly to the market over the past few months. The JASMY price slowly declined from the $5 peak to $1.3 during this period. Because, it still continues to lose almost 50% of its value every week. This is dangerous as it is listed on several major exchanges such as Binance. At current levels, JASMY with a market cap of $60 million is down 99.74% from $4.99 with ATH.
The website of the project stated that the people who sold Bitcoin related to the incident were not connected with them. With the spread of the allegations, the price of the altcoin project began to fall. It was also important for the project to be listed on major cryptocurrency exchanges such as Binance.
Investors beware
Several investor experiences shared on Reddit say that 500 million JASMY tokens have been sold in the past few days. There are about 25 wallets with a large amount of JasmyCoins. In the process, only 12 of them have been emptied and 6.5 billion more tokens are in danger of being sold in the coming days. In addition, a number of errors were identified in the latest senses and graphics of the project. It is rumored that no one from the project team attended the recent Q&A event, instead someone with a fake ID contacting investors. You can take a look at the latest developments from altcoins, which we, as Kriptokoin.com, reported during the day, which fell after a developer announced that he would leave the crypto industry.
