Meme cryptocurrency Baby Musk Coin has plummeted by almost 100% after holders were unable to sell their tokens in what is considered as a rug pull by developers.
The creators dumped the tokens, and the website, which had a detailed roadmap, has since gone offline.
The project, which raised more than $2 million in an ICO in February 2022, had promised to revolutionize the meme coin space.
Baby Musk surged at inception with the CEO, Grant Liu, promising huge success. An index fund and Baby Musk Swap were some of the features listed by the meme coin.
Squid coin, a crypto that was fashioned around the blockbuster Squid game, and fake Banksy NFTs are some other recent scam projects that have caused losses to investors.
About $2.2 million in Bored Ape NFTs were recently stolen, forcing OpenSea to freeze transactions as bad actors increase in the industry..
North Korea has come under fire after a confidential UN report accused the country of funding its nuclear program with cryptocurrencies stolen from the exchanges.