The price of Baby Musk Coin (BABYMUSK), a parody cryptocurrency, hit almost 0 today. BABYMUSK had promised to revolutionize the meme coin market by raising nearly $2 billion in the ICO. Here are the latest developments…
Meme coin lost 100% after rug pull
After a rug pull operation, the price of Baby Musk Coin lost almost all its value. Baby Musk Coin, named after Elon Musk, is on the verge of collapse as its value has dropped by nearly 100%. According to reports, the developer of the project abandoned the BABYMUSK token, causing the market to crash dramatically. In what is known as a honeypot, cryptocurrency investors cannot sell back the coins/tokens they have purchased.
Baby Musk Coin raised $2 billion in ICO
During the ICO phase of early February 2022, the meme coin raised almost $2 million. Token’s dev team has gone to great lengths to make the startup look respectable, claiming that their goal is to “revolutionize the meme coin market.” The now-defunct Baby Musk Coin website includes a roadmap outlining the project’s future goals.
When BABYMUSK was launched, it was in great demand from the very first minutes, and CEO Grant Liu hinted that it was “just the beginning.” Features offered by the project include an index fund and “Baby Musk Swap” for swap transactions. As we covered in the cryptokoin.com news, the BABYMUSK rug pull is the latest in a long string of heists the market has seen recently. More recently, a number of exploit projects have had more success, from Squid Coin based on the famous Netflix series Squid Game to fake Banksy NFTs.
Fraud remains a major concern
Fraud is a major issue of the crypto market in 2022 as projects try to tackle the problem. As malicious actors take advantage of the growing interest in the crypto market, scams specifically involving NFTs appear to be on the rise. Besides counterfeit artworks, NFT platforms are also experiencing problems, with the theft of $2.2 million Bored Ape NFTs causing OpenSea to cease operations.
Perhaps more worrying are the accusations that the UN is using stolen Bitcoin to fund North Korea’s missile development. According to Chainalaysis, the country is accused of stealing at least $400 million from cryptocurrency exchanges.
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