Baby Musk Meme Coin Drops Nearly 100%

Baby Musk Meme Coin Drops

After a quick kiss on the hand, the value of the Baby Musk coin dropped by almost 100%. The token, which has raised $2 million in its initial coin offering (ICO), is set to transform the meme coin industry.

The cards were rumored to have been withdrawn by the developers of the project, causing the price to plummet. So-called honeypots are out of the question for token holders.

What is known about Baby Musk?

At the beginning of February 2022, the project raised more than 2 million dollars in an ICO. To make this plan seem credible, the token developers have put a lot of time and effort into it.

There is a roadmap on the Baby Musk Coin website, which is currently unavailable, outlining the goals of the project.

Fraudsters capitalize on interest in NFTs

Since its announcement, Grant Liu, reportedly the coin’s CEO, has said it is “just the beginning”. Index funds and the “Baby Musk Swap” are some of the stated features of the concept.

This is the latest in a series of heists that have hit the cryptocurrency market in recent weeks.

Scammers have exploded, from the Squid based on the popular Squid Game TV show, to fake Banksy NFTs. They assure that in 2022 fraud will continue to be a problem.

Scammers are taking advantage of the growing interest in the space to perpetrate NFT scams in particular.

An additional problem for the NFT market is the theft of $2.2 billion from the NFT Bored Ape, forcing OpenSea to go offline due to the fake artwork.

The UN revelation that North Korea is using stolen cryptocurrency to finance its missile program is perhaps the most concerning.

Chainalysis claims that it has stolen at least $400 million from cryptocurrency markets, which the government has accused of tracking.

The best way to combat scams is to educate yourself and learn as much as you can. New laws to protect investors have also been passed this year as a result of the new regulations.