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Named after the recent resurgence of the MonkeyPox virus, MonkeyPoxlnu (MPOX) coin was launched on May 21 and lost 99% of its value three days later on May 23.
MPOX’s value crashed after its developers allegedly pulled an exit scam, vanishing with more than $400 million, according to a tweet by CryptoWhale.
BREAKING: 'MonkeyPoxInu' Coin has tanked -99% after devs get away with over $400+ million in exit scam.#MonkeyPox #Crypto #Bitcoin pic.twitter.com/IYseq50DYG
— CryptoWhale (@CryptoWhale) May 23, 2022
As it is a new token, MPOX was not listed on prominent crypto data websites like CoinMarketCap or CoinGecko. It is a BEP-20 type token and was only listed on PancakeSwap under the following address:
“0xE0934870Bcb3EF47c9Ff61BDa47CBdA74F1D0DC3”
Is $400M a stretch?
Some community members questioned the amount the developers allegedly stole. They reasoned that $400 million was too much of an investment for an unknown three-day-old coin.
I believe this is inaccurate information. Likely 400K, not 400M. Waiting on an update from OP.
— Lord TJ (@LordTJCrypto) May 23, 2022
The Financial Times also raised the same question. MonkeyPoxInu had 13 hodlers and 90 subscribers on its Telegram channel, according to an article they posted yesterday. The article stated:
“It would be absurd to believe that the devs got away with $400m+ by any means other than washing it up to that level first.”
At the time of writing, there are still no updates on the amount allegedly stolen by the developer team.
The tank was expected
Based on the commenting Tweets, the community was expecting the exit scam. For many, MPOX resembled the Squid Game Token scam, where developers took advantage of a subject’s popularity before disappearing with the money raised.
Many made fun of the news, hinting that a rug pull scam was the apparent result.
I just lost 6.2 billion dollars on this. Why did no one tell me this was scam? My family and I are out on the street. Please help me Mr Elon.
— VicChaos (@VicChaos2) May 24, 2022
Another user sarcastically gave the PonziCoin example insinuating that some people never learn.
That literally happened, there was a coin called PonziCoin and the white paper said "This is a scam, we are going to steal your money" and people still invested
— Charles (@Mr_Indigo) May 23, 2022