It's just another day in the crypto sphere and yet another scam leaving investors high and dry with nowhere to go. Kong City token wiped the slate clean and made away with investors' money, tanking the price to $0.00.
The developers of Kong City token ended the coin with a 'rug pull' and escaped scot-free being unaccountable for their actions. The token seems to have been designed to benefit only the developers and the team pulled out every single penny and made away with millions leaving investors with just screenshots of how it reached to $0.00.
The developers have also disabled the Kong City Token's official Twitter handle as a search on the micro-blogging site leads to ''This account doesn't exist. Try searching for another.'' Their official website has also been pulled down and it reads, 'Website not found'.
Thousands of coins similar to Kong City have sprung up since early 2021 and most of them already have millions pumped in and its only a matter of time before the developers rug pull it.
Investors are left with no option to register a complaint of financial fraud against the developers as the crypto market has no 'investor protection' in place and is deregulated.
Newer coins with no value and utility have attracted mostly the new and first time investors in the hope of getting rich quick and majority of them turn out to be, as they call it in the crypto world 'shit coins'.
It's no surprise that most of the coins trading in the market have not officially released details of their founder, developers and the extended team and mostly remain anonymous and let the bots do the talking.
The 's*it coins' come up with fabulous marketing techniques and spread their wings all across social media luring investors into their fold and especially the first time investors fall prey to their provocative advertisements only to realize that they've been scammed after a few months.
What Is A Rug Pull?
For the uninitiated, a 'rug pull' is when developers of the coin blatantly exit with the money after promising good returns to investors with their projects.
At first, the developers operate like professionals showcasing how they're working towards scaling the coin and lure investors into their fold.
When the liquidity flows into the coins and the price sees a growth, the developers without announcement pull out all the liquidity into their accounts and disappear with the funds.
The developers would never be heard or seen again in the crypto market and live a life cheating the common investor who invested his/her hard-earned money in the hopes of making it big.