Floki Inu rugpull: Elon Musk-inspired memecoin becomes latest defi disaster, with $749k stolen
Coinhead
Coinhead
A memecoin inspired by an Elon Musk tweet has been the latest defi project to “rug pull” its investors, with $749,000 in Ethereum drained from its coffers.
Floki Inu coin was launched less than two weeks ago, alongside Floki Shiba, Baby Floki Inu and FlokiEverToken, after the eccentric billionaire tweeted he would name his Shiba Inu dog Floki.
My Shiba Inu will be named Floki
— Elon Musk (@elonmusk) June 25, 2021
It wasn’t really clear whether Musk was actually getting a dog, but the Ethereum token quickly skyrocketed in value.
Just as fast, it encountered problems, however, as hodlers realised there were issues with the contract.
“In reverse Robin Hood style the developer was taxing holders 20% on transactions to funnel their funds into his own wallet, holding these funds for ransom and the supply was inflating fast,” the project wrote on Medium.
This is everything you need to know.
Transparency Report and Swap Details:
The old dev was very delusional and is now GONE, all in all we are revamping everything he had flaws on. You have NOTHING to worry about!— Floki Inu (@RealFlokiInu) July 4, 2021
25/ $FLOKI pumped to $3 million market cap and the FUD came in (like is happening now), then it crashed to as low as $200k market cap and stayed under $500k market cap for about two days.
That is when most of those whales you saw accumulated.
— Bamidele (@youngprepro) July 1, 2021
The team created a new Ethereum contract — Floki Inu v2 — and hodlers were migrating their tokens when disaster struck yesterday.
An insider nearly completely drained the project’s liquidity pool, taking 236 Ethereum – worth roughly A$749,000. He or she left it with just 0.25 Ether (worth about $800), according to Etherscan
The funds were transferred to Tornado Cash, an Ethereum “tumbling” service that allows users to maintain their privacy by making subsequent transfers untraceable.
Disputed messages were circulating on social media that appeared to show New Zealand-based project leader “Uniswap Detective” discussing with “Marvin” how to scam their investors before the rugpull.
“I don’t know why everyone just let us come in here to take this shit over, lol, legit idiots, this is free cash for us, no point in being an influencer anymore if we’re in a bear market, one last exit scam for a decent buck,” one message from “Marvin” reads.
“Retards init mate haha,” Uniswap Detective replies.
“so many people have been exit scamming, we need this to be flawless, a grand exit,” says Marvin.
Uniswap Detective, a Twitter influencer with 46,800 followers, said he had been set up.
There is a fake conversation going around now as he’s looking to frame me as a scapegoat also.
Yes, the messages are real (on my side) but prior to deleting his account & sending that through, he has changed his side to frame me.
Please look over them fully, they do not add up.
— Uniswap Detective🕵️ (@UniswapD) July 7, 2021
I have been working for the last 4-5 days now almost 24/7, spent well over 100,000 USD myself on the LP pool (100k rugged), marketing partnerships (25k) and a full audit by Techrate (2.25k)..
This was someone I had been in touch with for 8-9 months now & yes I trusted him a lot.
— Uniswap Detective🕵️ (@UniswapD) July 7, 2021
3. Hypothetically: If you were @UniswapD and just rugged, would you go on voice chat and face the angry mob?
4. $Floki is still launching as expected.
5. Rogue Dev #2 out
6. All Marketing still in place.
7. “No Press is Bad Press”
— DefiRabbitHole 🐰🕳 (@DefiHole) July 7, 2021
theres rumors going around that @UniswapD was part of a rug of the floki v2 funds. this is 100% untrue. the dev he trusted (Marvin) is the culprit and after the rug he put together this convo to frame him. detectives words are real, but out of context (1/2) pic.twitter.com/ixjiA8TyeI
— bagofbread (@Bagofbread2) July 7, 2021
Needless to say, not everyone was buying this story about the messages being fake.
Lmao…
Never trust anyone in this space. Most are larps. At least half are bad people. pic.twitter.com/9MMWMHchTE
— Bear Wolf (@ImNotTheWolf) July 7, 2021