Baby Musk Coin lost 87.74% in value on February 9 and continues to fall. Users accuse the creators of the project of fraud.
The reason for the price drop, according to the Peckshield analytical platform, was the $BabyMUSK deployer dumping its tokens.
#SCAM $BabyMUSK deployer dumped and made the price dropped by -84.74% #BSC https://t.co/l5oSssur0X pic.twitter.com/PJHRzj6zaE
— PeckShieldAlert (@PeckShieldAlert) February 9, 2022
After the project raised more than $2 million during the ICO in early February 2022, the developers of Baby Musk Coin announced that the token is ready to be listed on major exchanges. A roadmap for the project was drawn up, detailing the long-term development plans, and an advertising campaign and a viral video of “Baby Musk Dance” were launched on social networks.
As a result, the Baby Musk community reached 78,000 members on Telegram, 50,000 followers on Twitter, and 300,000 on YouTube by early February. Additionally, investors could be influenced by the fact that Baby Musk Coin has become a rare project that was listed on CoinMarketCap even before its launch.
The first warnings came just a few days after the ICO from a Twitter user @NOSHITCoin_io. He reportedthat those who bought the token can no longer sell it and, perhaps, this is a scam.
The developers of the project have erased all signs of the existence of $BabyMUSK on the Internet.
Obviously, in the crypto industry, the hunt for unsuspecting victims is always open. Playing on the feelings of gullible investors who want to join popular culture, scammers sell fake Banksy NFTs, offer to invest in “dummy” tokens, or involve financial pyramids disguised as crypto projects.
In 2021, an unknown scammer sold a fake NFT of the artist Banksy for 100 ETH, and then was forced to return the funds to the buyer. A little earlier, the Thodex crypto exchange stopped trading without prior notice, the money of about 391,000 active traders of the site became unavailable for withdrawal, and the founder of the project suddenly left Turkey. In December, a man was detained in Hong Kong, whom the police were looking for for attracting 500 million baht (more than $14 million) in cryptocurrencies to the Onecoin fraudulent project.
Source: Bits
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