MonkeyPoxInu (MPOX) coin was introduced on May 21 and lost 99 percent of its value three days later on May 23. It was named after the recent return of the MonkeyPox virus.
According to a tweet by CryptoWhale, MPOX’s value plummeted when its developers reportedly conducted an exit fraud, disappearing with more than $400 million.
MPOX was not featured on popular crypto data websites like CoinMarketCap or CoinGecko since it is a new coin. It’s a BEP-20 token with the address 0xE0934870Bcb3EF47c9Ff61BDa47CBdA74F1D0DC3 that was exclusively featured on PancakeSwap.
Some residents questioned how much money the developers allegedly took. They reasoned that $400 million was an excessive amount of money to invest in a three-day-old currency.
The matter was also highlighted by the Financial Times. According to an article published yesterday, MonkeyPoxInu’s Telegram channel has 13 followers and 90 subscribers. According to the story, it would be ludicrous to suppose that the developers got away with $400 million or more without first washing it up to that level.
There have been no updates on the sum reportedly taken by the programming team as of this writing.
The community was expecting the departure fraud, based on the comments on Twitter. Many people compared MonkeyPoxInu to the Squid Game Token fraud, in which producers took advantage of a popular subject’s popularity before disappearing with the funds generated. Many mocked the story, implying that it was the result of a rug-pulling hoax.