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| Edited By: DNA Web Team |Source: DNA webdesk |Updated: Nov 22, 2021, 04:38 PM IST
In early November, a cryptocurrency scam where scammers played on the publicity of the hit Netflix series saw investors lose more than Rs 25 crore ($3.38 million) wealth. A similar scam has now come to light involving another cryptocurrency called Tsuzuki Inu (TZKI).
The incident came to light after users pointed out the crypto-heist called “rug pull” on Twitter, on Monday, November 22. As reported by a leading cryptocurrency news website, developers of Tsuzuki Inu pulled all liquidity, converting the tokens into first Ethereum coins and then to USD Coin worth over $1,157,125 (Rs 8.6 crore). The USD Coin or USDC is a stable digital currency that is linked to the United States Dollar.
On cryptocurrency exchange Coinmarketcap, the value of Tsuzuki Inu fell nearly 97%.
RUG PULL ALERT: HD photo of the transaction ID’s confirming the recent rug pull by #TsuzukiInu
Transaction: https://t.co/rsuAxzOL6c pic.twitter.com/BOkCiOPhE3 — Watcher.Guru (@WatcherGuru) November 21, 2021
About Tsuzuki Inu cryptocurrency
In circulation since March 2021, the digital token positioned itself as a gaming currency and a meme coin. The developers had reportedly given away the currency for free recently, which now appears to have been a move to enhance the cryptocurrency’s legitimacy.
Investors have reportedly been unable to catch hold of the developers as the cryptocurrency’s Twitter handle was found to be disabled and the Telegram channel was unresponsive. A crypto-influencer by the name of @ShadowedEmbrac3, who had promoted the digital asset has reportedly received death threats. However, he too claims that he is a victim and was not in the Tsuzuki Inu admin team.
The Squid Game cryptocurrency scam had seen a similar rug pull” heist in which investors had lost Rs 25 crore.
The latest scam comes days after Indian Prime Minister Narendra Modi highlighted the dangers from cryptocurrency falling in the wrong hands. In his speech at the Sydney Dialogue, PM Modi had understated the importance of democracies in working together to ensure that cryptocurrency doesn't end up in the wrong hands and spoil the youth. The PM also chaired a high-level meeting recently to discuss issues related to bitcoin and put forth their concern over the unregulated crypto market in India.
