- A cryptocurrency project called Encryption AI experienced a rug-pull, resulting in a loss of $2 million.
- The founder of Encryption AI carried out the rug-pull and justified it by claiming a gambling addiction.
- The value of the project dropped from $2 million to $20,000 within minutes after the rug-pull.
Encryption AI Faces $2 Million Rug-Pull Due to Founder’s Gambling Addiction
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A recent incident in the cryptocurrency market involved the rug-pull of Encryption AI, a project that specializes in artificial intelligence and encryption. The project’s founder executed a rug-pull, resulting in a loss of $2 million.
Founder’s Justification and Impact on Project Value
What sets this scam apart from others is the founder’s decision to release an apology letter, citing a gambling addiction as the reason behind the rug-pull. This unexpected turn of events occurred on July 1st and caused the price of 0XENCRYPT, the native token of Encryption AI, to plummet by over 98%, essentially reaching zero.
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Following the rug-pull, the project’s value dropped from $2 million to a mere $20,000 within minutes. The founder also deleted all social media accounts associated with the project after bidding farewell through the apology letter.
The Founder’s Admission and Project’s Future
In the apology letter, the founder admitted to losing $300,000 in gambling but refrained from making any promises about the project’s recovery to the investors. This left the future of Encryption AI uncertain.
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According to CoinGecko data, 0XENCRYPT experienced a rapid decline of 98.92% in value due to the rug-pull, dropping from $2.05 to $0.022.