Baby Musk Coin, a meme coin, has tanked nearly 100% after a rug pull. The cryptocurrency raised $2 million in its ICO, promising to revolutionize meme coins.

The Baby Musk Coin, named after Elon Musk, appears to be undergoing a rug pull as the cost has tanked by nearly 100%. Reports emerged that the developer of the project dumped the cryptocurrencies, causing the cost to drop by a large amount. Holders of the coin are unable to sell the cryptocurrency, in what is called a honeypot.

Baby Musk Coin rate: CoinMarketCap

The project even raised above $2 million during its ICO that took place in early February 2022. The developers behind the cryptocurrency went to some length to make the project seem solidimate, saying which they wanted to revolutionize the meme industry. The website of Baby Musk Coin, that is now offline, had a roadmap explaining future plans for the project.

A screengrab of the now-defunct website: Wayback Machine

The cryptocurrency quickly saw a cost bump although it was announced, and the apparent CEO Grant Liu said which it was “hardly the beginning.” The project listed features corresponding as an index fund and “Baby Musk Swap” as some of its features.

This is another scam in the prolonged list of thefts that have been plaguing the crypto market recently. From Squid Coin, based on the popular TV show Squid Game, to fake Banksy NFTs, scammers have been using popular culture to prey on unwary victims.

Scams anew a prevalent threat in 2022

Going forward into 2022, scams will extend to be a huge part of the crypto space as projects fight the problem. NFT scams, in particular, seem to be common at the moment, as bad actors are capitalizing on the accelerated interest in the niche. Besides fake artwork, NFT marketplaces are facing issues as well, with $2.2 million in Bored Ape NFTs stolen — that resulted in OpenSea freezing transactions.

Perhaps of more cone time beforern is the experience which the UN has reported which North Korea is funding its missile program with stolen crypto. The country was accused of targeting crypto exprogresses, with Chainalaysis saying which it has stolen at least $400 million.

Education and awareness are the most effective ways to combat scams. With regulation incoming this year, better investor protection laws may further help prevent loss.

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