The cryptocurrency community is in an uproar after an Indian meme coin creator allegedly orchestrated a $10 million rug pull within minutes of launching the GANG token. The individual, known by the pseudonym MrPunkDotEth, is accused of manipulating the token’s supply and dumping 95% of it, causing a 99.5% price collapse.
According to blockchain analysts, the scam unfolded rapidly. The creator hyped the launch of GANG as a “community-driven” token but secretly controlled nearly the entire supply. Within two minutes, he allegedly withdrew $1.3 million, and through multiple hidden wallets, he reportedly siphoned off $10 million before converting funds via Binance.
As the dump progressed, GANG’s value plummeted by 99.5%, leaving retail investors with massive losses. The token now trades at just $0.00002101, with a market cap of $112K. Furious investors are calling for legal action, urging exchanges to freeze the stolen assets.
This case highlights the growing trend of meme coin scams, where FOMO-driven hype leads to disastrous losses. Experts warn investors to avoid tokens dominated by a single entity, track wallet movements, and practice proper risk management to steer clear of such rug pulls.
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