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MonkeyPoxInu scam: Developers run away with money after token surges

MonkeyPoxInu scam: Developers run away with money after token surges

The developers of MonkeyPoxInu (MPOX) allegedly made off with the investors' money in an apparent exit fraud when the token's price plummeted 

Scammers create MonkeyPoxInu, token market cap reaches $400 million, developers allegedly exit with all money Scammers create MonkeyPoxInu, token market cap reaches $400 million, developers allegedly exit with all money

Developers of the MonkeyPoxInu cryptocurrency have allegedly run off with investors' money in another rug pull crypto scam.

Recently, in the light of the Monkey Pox epidemic, someone created a cryptocurrency token called MonkeyPoxInu (MPOX) and listed it on the decentralised exchange (DEX) PancakeSwap. 

The cryptocurrency started gaining traction and reached a significant market cap in the past few days. 

And seeing the opportunity, the developers of the coin allegedly ran off with the investors' funds. 

The token has now lost more than 99 per cent of its initial value, according to a tweet from CryptoWhale. 
 

Several investors also took to Twitter to complain about being defrauded. A Twitter user allegedly claimed to have lost $107,000 in the scam.

 It is worth noting that the cryptocurrency coin MonkeyPoxInu is so new that it is not even included in the lists of popular cryptocurrency statistics sites like CoinMarketCap and CoinGecko.  

On this recent rug pull scam, Sharat Chandra, crypto expert and vice president, Research and Strategy, EarthID,  web3 platform, told Business Today, “This is a clarion call for responsible regulation is the need of the hour to ensure investor protection and drive efficiency in the current financial system.” 

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