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.
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.
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.
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.
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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