A Filipino crypto trader recently fell victim to a scam, losing $10,000 (around ₱576,000) when the meme token Kong Sui ($KONG) suddenly collapsed. The developer behind the token sold over $20,000 worth of coins and disappeared, leaving investors, including the Filipino trader who was a community moderator for the project, in shock.
What Happened?
The Kong Sui token, part of the Sui blockchain ecosystem, was marketed as a fun token for meme and NFT enthusiasts. However, the project took a dark turn when the developer made a large sell-off and vanished. Following the rug pull, the project’s official X account and website were deleted, though the Telegram group remains, with no updates or sign of the developer.
Current Status
As of now, the price of $KONG has plummeted to $0.065488, dropping by 98.2% in the last 24 hours, according to CoinGecko data. This dramatic fall in value left many investors devastated, highlighting the risks involved with lesser-known cryptocurrencies, especially meme coins.
Personal Impact
The Filipino investor who lost ₱576,000 shared his story publicly. Despite the financial loss, he expressed that the experience helped him regain confidence, which he had lost four years ago. As a full-time househusband and father, the money meant a lot to him, but he remains optimistic about the crypto space and continues to support the $SUI ecosystem.
He thanked the Filipino crypto community for standing by him and expressed that, although the loss was significant, he gained valuable lessons from the experience. His message emphasizes the importance of resilience and staying hopeful in the face of adversity.
Other Reactions
Another trader who also suffered losses from the Kong Sui scam expressed his disappointment. He felt betrayed by the developer’s sudden exit and called for compensation for affected users. On a more positive note, one lucky investor managed to cash out just before the rug pull happened on October 14, underscoring the importance of taking profits early in risky investments.
What’s Next?
There’s no word yet on whether affected users will receive any compensation. Investors are now watching for any community response or updates regarding possible repayments. The Kong Sui rug pull serves as a reminder of the dangers involved in speculative and high-risk investments.
Conclusion
The Kong Sui scam highlights the risks of investing in lesser-known tokens and meme coins, especially when there is little transparency. For crypto investors, this serves as a strong reminder to do thorough research before investing and to be cautious with high-risk projects. Despite the setbacks, some investors like the Filipino trader remain optimistic and hopeful about the future of cryptocurrency.
Source: https://bitpinas.com/cryptocurrency/kong-sui-rugpull/?
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