What could possibly go wrong with a new DeFi Token launch named Monkey Jizz, released on PancakeSwap (running on the Binance Smart Chain) by a team of unknown developers and a cartoon monkey with a peeled banana as the face of its branding? Answer: everything.
Warnings Came Too Late For Some Investors
Warnings about the MJIZZ scam were tweeted about but it was too late for some, as the “dickheads” behind the project pulled the rug, stealing 500 BNB in total of Monkey Jizz investors’ money, worth US$300,000.
Like most refined scams, the Monkey Jizz project went to added lengths to reassure the community that it was a real project and would not rug. The website (which is now unsurprisingly down) FAQ read: “We understand everyone’s concerns and have been victims of scams ourselves in the past; we get it“. A doxxed “monkey master” was even posted with a photo of a guy named Cal, purported to be a real person to reassure buyers the project was legitimate.
As it turns out, ‘Cal’ is some otherwise pseudonymous bald guy sitting on a beach in Thailand, his photo watermarked with the logo of a local nightclub. According to Reddit, some users had done some online detective work and matched the photo to a Facebook account.
Presale Listed on PinkSale
The Monkey Jizz Life crew had also invested a lot of time and energy on the marketing side. They had all the basics: Twitter address, Telegram page, website (all now inactive), as well as doing a live AMA on YouTube with crypto influencer Travladd Crypto. The crew also had a presale listed on token launch platform PinkSale:
Rug pulls are becoming increasingly commonplace in DeFi, especially on PancakeSwap because it runs on BSC (Binance Smart Chain), where the transaction fees are insanely low compared to UniSwap, which runs on ETH. Buyers beware. Just because a project seems legit, does AMAs with influencers, and even goes to the trouble to highlight that it has an “anti-rug” mechanism built into its tokenomics, do not fall for it.
A similarly sad outcome occurred earlier this month with the SQUID token, which rugged on investors who said they weren’t able to sell their tokens on PancakeSwap.
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