Gambling Addiction Reduced 2M Market Cap to 20K in Seconds

Gambling Addiction Reduced 2M Market Cap to 20K in Seconds

Time Stamp: July 5, 2023 6:50 AM
  1. Another crypto rugpull leaves a community shattered.
  2. This time the blame for the rugpull went to a gambling addiction.
  3. A message of guilt and apologies came out after the rugpull.

An entire project was decimated earlier this week. It seems the price of 0XENCRYPT, the token for Encryption AI project, flatlined a couple of days ago. This was followed by an apology by the project’s developer who owned up to the devastating rug pull.

In detail, 0xEncrypt just experienced a harsh rugpull. The total market cap of the 0xEncrypt token fell from 2,000,000 to 20,000 in seconds. According to CoinGecko, the current price of the token is $0.021 at the time of writing.

The tweet above shows the Twitter user lamenting over the fall of this project. Another day, another rugpull, a truly sad and unfortunate statement for the crypto community. 

However, some of the responses to the tweet point out how this project got a message from a community leader owning up to their fault when usually this is never the case.

As we can see from the same tweet, the developer shares a message to the Encryption AI project’s community. Specifically, the developer admits to having a gambling problem and said they needed the money to recover.

In addition, the message goes on to explain the details of the gambling issue. The developer begins by apologizing for their recent actions. Instead of having a simple liquidity migration from v1 to v2 the project ended up falling victim to its creator’s online and casino gambling addiction.

The developer says they are experiencing a significant toll and almost lost everything. They had to prioritize recovery. Additionally, the developer says that they cannot promise to relaunch the project in the future, but they can promise on working to become a better person. 

The message ends with a deep sense of guilt and another round of what seems to be a sincere heart-felt apology. Other responses to the tweet say this is inevitable when projects lie in the hands of one as young as 22 years old.

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Tags: AltcoinCrypto marketcryptocurrencyrugpull

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Gambling Addiction Reduced 2M Market Cap to 20K in Seconds PlatoBlockchain Data Intelligence. Vertical Search. Ai.

A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.

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