This $10M Indian Meme Coin Scam Took Place in Just 8 Minutes

The hype of meme-themed cryptocurrencies has grown significantly in the last few years, and so does the meme coin scams.

A recent cryptocurrency scam has seen an Indian meme coin creator vanish with millions of dollars in a matter of minutes.

The crypto investor, known by the pseudonym MrPunkDotEth, launched the GANG token with the claim that it was "for the culture." However, multiple experts have alleged that MrPunkDotEth had nearly 95% of the supply, which he extracted and dumped, crashing the token.

According to a fellow crypto user, Fawi, who analyzed the Indian meme coin scam and shared the findings on X, the creator's plan to own 90% of the token raised concerns among several experts. FWI later reported that the person had 95% of the supply, which he quickly extracted and dumped.

Moments after the launch news, the creator began dumping his GANG crypto holdings, extracting $1.3 million within two minutes. But things were just getting started, as the creator had multiple side wallets, collectively extracting $10 million and immediately off-ramping it via Binance, as per the claims.

The $10 million extraction is just speculation at this point, but most experts claim that the creator benefited to the tune of over $4 million from this scam. More importantly, this led to the Thug Life price crashing, leaving 99% of the holders with losses while insiders made profits.

MrPunkDotEth's tweet regarding the launch of the GANG token went viral, giving the token an initial boost, primarily because the creator showcased a fun angle to it. He claimed that the token was for the community and culture, which garnered attention.

However, as the Indian meme coin scam unraveled, the GANG token price crashed by 99.5%. It is currently trading at $0.00002101, with a market cap of $112.51K and a trading volume of $257.43K, as per Geckoterminal.

This has left the crypto community enraged, as the alleged creator blatantly executed a rug-pull scam. Investors have called for legal action against the creator and urged the crypto exchanges and platforms to freeze the funds.

In a similar yet different scenario, CHARLES crashed as Cardano founder burns $100M ADA meme coin. The CHARLES meme coin creator sent these tokens to him, who wished to benefit from associating the crypto with Charles Hoskinson.

The increasing number of rug pull scams has affected thousands of investors. Such incidents highlight the importance of conducting thorough research (DYOR) and resisting the fear of missing out (FOMO). In the Thug Life token's case, the creator built a FOMO around the token, leading to massive losses for 99% of the investors.

MrPunkDotEth has been implicated in the Indian meme coin scam, with experts estimating that the investor and creator may have profited by about $10 million. Investors are encouraged to exercise caution and avoid projects owned by a single entity, monitor wallet activities, and implement sound risk management strategies to protect themselves from such scams.