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Another Hype Cryptocurrency Flees Along With Million Dollars


thenewscrypto.com 22 November 2021 18:30, UTC
Reading time: ~2 m

  • Tsuzuki Inu flees away with millions of dollars from investors.
  • Investors are trying to reach out via social media platforms.
  • TZKI has dropped over 96% within a day.

One significant factor that pulls the crypto industry down is the frequent hacks and scams. These hacking and scamming is one reason that that continues to undermine the industry’s legitimacy. Following the recent scam done by SQUID, it’s Tsuzuki Inu this time which is a cryptocurrency that took away the investors’ funds. Despite the strong monitoring and security precautions, it has managed to steal millions of dollars from investors, illustrating the problems with dog and meme-themed coins.

This token bills itself as a meme-currency and a gaming currency as well which operates with the concept “play-to-earn”. According to Twitter users, TZKI developers illegally rug-pulled all liquidity from its investors earlier today. The ERC-20 tokens were changed into 265 wrapped Ethereum and subsequently to USDC worth around $1,157,125, according to Etherscan transaction history.

Investors Use Social Platforms As Support

Since the occurrence of this scam, investors are trying out to reach the developers of Tsuzuki Inu through social media platforms. As the Twitter account of TZKI is disabbled, investors reached the Telegram channel but it also remained unresponsive. 

As a result of the lack of information, many investors are going to Twitter to investigate or complain, while others are seeking scapegoats. @ShadowedEmbrac3, a crypto influencer who worked as the protocol’s face, has recently received death threats. He has publicly stated that he was not a member of the administrative team and was instead a victim of the scam.

Just woke up everyone. Piecing all of this together and trying to figure out what happened. I was an early investor that became part of the team. Once i figure out wtf is happening i will try and get back to you

— Jared (@ShadowedEmbrac3) November 21, 2021

Moreover, some investors are doubting the legitimacy of legal exchanges like BitMart for listing such a coin. Furthermore, they are requesting a reimbursement of their investments, despite the fact that BitMart appears to have halted the token’s deposits and withdrawals. At the time of writing, TZKI was trading at $0.000000000002 which has dropped over 96% in a day.

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