Related: Milei-endorsed Libra token was ‘open secret’ in memecoin circles — JupiterMemecoins are turning into “retail value extraction tools”Memecoins are turning against crypto’s fundamental ethos of decentralization, becoming increasingly used to exploit retail investors amid the growing number of rug pulls, according to Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum.“Memecoins have evolved from community-driven social experiments into a chaotic landscape dominated by value extraction from retail investors,” Plotnikova told Cointelegraph, adding:“Insider rings, pump-and-dump schemes, and sniper groups have replaced the organic, collectible nature of original memecoins, creating an unhealthy playing field.”Related: TRUMP, DOGE, BONK ETF approvals ‘more likely’ under new SEC leadershipInvestors will also need to distinguish between memecoins that can be seen as genuine “collectibles” and “outright fraudulent activities” like rug pulls which are “not only unethical but also clearly illegal, with case law to support enforcement.”“In my view, these activities should fall firmly within the jurisdiction of law enforcement agencies,” she added.
Was he behind this one too? ”Source: BubblemapsThe blockchain analytics platform revealed transfers across 17 different addresses stemming back to address ‘OxcEAe’ owned by Davis.“He funded these wallets months before $LIBRA and $WOLF launched, moving money through 17 addresses and 2 chains,” Bubblemaps added.
The token reached a peak $42 million market cap, however, 82% of the WOLF token’s supply was bundled under the same entity, according to a March 15 X post by Bubblemaps, which wrote:“The bubble map revealed something strange — $WOLF had the same pattern as $HOOD, a token launched by Hayden Davis.
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Author / Journalist: Cointelegraph by Zoltan Vardai
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