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Memecoin Kong Sui Scam Wipes Out ₱560K from Pinoy Investor

Photo for the Article - Memecoin Kong Sui Scam Wipes Out ₱560K from Pinoy Investor

Editor’s note at 3:11pm: The article is edited at the request of the subject.

A Filipino crypto trader recently lost $10,000 (around ₱576,000) after the meme token Kong Sui ($KONG) rug-pulled. The developer abruptly sold off over $20,000 worth of tokens and disappeared from the community, leaving investors devastated.

Where is it now: 

  • Currently, the X account and website of the project are already deleted. 
  • The Telegram group is still up but there is no sign of the developer.
  • Current price (as of writing): $0.065488 and has been down by 98.2% in the last 24 hours as per CoinGecko.
Photo for the Article - Memecoin Kong Sui Scam Wipes Out ₱560K from Pinoy Investor

What’s the significance: This latest rugpull highlights the risks of lesser-known tokens and meme coins in crypto, reminding traders to be cautious when investing. 

  • Moreover, it highlights the importance of transparency and doing thorough research on projects to avoid falling victim to fraud.

Key details: 

  • A crypto trader recently shared that he lost $10,000 (around ₱560,000) after the meme token Kong Sui ($KONG) rug-pulled.
    • He was even a community moderator for the project.
Photo for the Article - Memecoin Kong Sui Scam Wipes Out ₱560K from Pinoy Investor
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In a post, he noted that despite the incident he gained confidence in their ability to manage a community.

  • He also emphasized that despite the setback, he still believes in the goodness of people and the potential of the $SUI ecosystem, expressing strong support for it.
  • Moreover, he noted that as a full-time househusband and father with limited earnings, they remain optimistic and determined to succeed in the crypto space.

Key Quote:

“I lost $10,000.00 during (the) rug, but what I earned in this experience is the confidence once lost in me 4 years ago. $10K is maybe small from others, but it means a lot to me as I work day in and day out for that. But yeah, lessons learned from this experience… I would like to thank everyone who believes in me during my time as a mod in @kongonsui. Thank you to the FILIPINO COMMUNITY who stands by my side from the very beginning up to the end.”

Former Kong Sui Moderator

In another X thread, another crypto trader also expressed disappointment over the recent Kong Sui rug pull; the trader felt betrayed after the developer sold $20,000 worth of tokens and left abruptly. 

  • He also hopes for compensation for affected users and emphasizes the importance of transparency and accountability in the crypto space.
Photo for the Article - Memecoin Kong Sui Scam Wipes Out ₱560K from Pinoy Investor

On the other hand, while this trader experienced a rug pull, another investor was fortunate enough to cash out just before it happened.

  • The rug pull occurred around October 14, but the trader shared that he was able to cash out on October 8.
  • In a message to BitPinas, he emphasized the importance of cashing out as soon as a profit has already gained when investing in meme tokens.
Photo for the Article - Memecoin Kong Sui Scam Wipes Out ₱560K from Pinoy Investor

What is Kong Sui:  KONG is a meme token within the Sui blockchain ecosystem.

  • Purpose: It aims to create a fun and engaging environment for users interested in memes and NFTs.
  • Supply Details: The token has a circulating supply of 8.63 billion and a maximum supply of 10 billion.
  • Utility: The KONG account said it can be used for staking, farming, and other creative activities within the ecosystem.

What to watch: Monitor for any updates on compensation (if it ever happens) for affected users and potential community responses to the rugpull.

Worth reading: Earlier this year, BitPinas interviewed Filipino degens to explain why Filipinos embrace high-risk crypto investments.

This article is published on BitPinas: Memecoin Kong Sui Scam Wipes Out ₱560K from Pinoy Investor

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