The cryptocurrency industry has seen a lot of scams since its beginnings. The latest one involves Baby Musk – a meme coin that recently dropped 100% in value after developers dumped the asset.
Baby Musk Tanks After a Rug Pull
The people behind Baby Musk launched Baby Musk ICO in February 2022. The meme coin was named after Elon Musk, and the project promised to revolutionize the meme coin industry.
During the ICO phase, Baby Musk managed to collect $2 million. After that, the developers did all they could to make the project look legitimate, making an official website, publishing a roadmap, promising a swap, and that the project is “just the beginning.”
However, the official Baby Musk website is now offline, and investors cannot sell their tokens after the drop.
Scams Are Still Prevalent in 2022
Unfortunately, Baby Musk is just another scam on the long list of frauds in the crypto space. Crypto scammers are often using popular culture to get money. For example, the Squid Coin also looked promising.
The investors were supposed to gain access to the online Squid Game platform while, in reality, they couldn’t exchange their coins for anything else.
Currently, NFT scams are rising in popularity since bad actors are capitalizing on the high interest in the niche.
The good news is that regulation is coming, and the new laws will protect the investors and prevent financial loss.