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Millions of dollars lost due to Pond0X token launch mishap

Millions of dollars lost due to Pond0X token launch mishap

– Investors have reported losing up to $2.2 million due to the mishandling of the launch of memecoin Pond0x.

– The Pond0x token reached a price of $0.36 before collapsing to near zero in just five minutes.

– The launch was announced by Jeremy Cahen, the founder of Not Larva Labs, who listed the contract address and web app URL for PNDX.

– Confusion arose as users expected the fundraiser to be done on Uniswap, and the listing of both the website and contract address in the same post caused confusion.

– Some users purchased the token on Uniswap through bot trading apps, while others minted tokens using the web app and sold them at a profit.

– Users who lost crypto complained of losing thousands or even millions of dollars.

– According to reports, investors lost over $2.2 million in the launch.

– There are reports of a faulty transfer function in PNDX that allows users to transfer coins from any other user.

– A new version of PNDX is being created to compensate victims through a “community coin.”

– Memecoins, coins associated with viral internet images or videos, have gained popularity since the launch of Dogecoin in 2013.

– This incident highlights the risks associated with investing in memecoins and the importance of conducting thorough research before participating in token launches.

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