Scammers create MonkeyPoxInu, token market cap reaches $400 million, developers allegedly exit with all money 
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Scammers create MonkeyPoxInu, token market cap reaches $400 million, developers allegedly exit with all money Developers of the MonkeyPoxInu cryptocurrency have allegedly run off with investors' money in another rug pull crypto scam.
Recently, in the light of the Monkey Pox epidemic, someone created a cryptocurrency token called MonkeyPoxInu (MPOX) and listed it on the decentralised exchange (DEX) PancakeSwap.
The cryptocurrency started gaining traction and reached a significant market cap in the past few days.
And seeing the opportunity, the developers of the coin allegedly ran off with the investors' funds.
The token has now lost more than 99 per cent of its initial value, according to a tweet from CryptoWhale.
It is worth noting that the cryptocurrency coin MonkeyPoxInu is so new that it is not even included in the lists of popular cryptocurrency statistics sites like CoinMarketCap and CoinGecko.
On this recent rug pull scam, Sharat Chandra, crypto expert and vice president, Research and Strategy, EarthID, web3 platform, told Business Today, “This is a clarion call for responsible regulation is the need of the hour to ensure investor protection and drive efficiency in the current financial system.”
Also Read: Ukraine's Vice PM has asked for crypto donations in a unique way- via a rap song - BusinessToday
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