The token named Floki Inu (FLOKI), which has risen significantly due to the tweet of Tesla CEO and Dogecoin (DOGE) fan Elon Musk, has performed rug pull 2 times. Floki Inu ran into problems when investors realized there were problems with the contract, and it eventually escalated.
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Elon Musk, the owner of Tesla and one of the notorious names in the cryptocurrency community, tweeted on June 25 that the new Shiba Inu dog will be named Floki, and after this tweet, many tokens with this name were released. Not surprisingly, scams arose among these purposelessly created coins. One of them was Ethereum (ETH) based Floki Inu. FLOKI has attracted great interest and funding.
Historically, Elon Musk’s tweets have greatly moved the market and have spawned many pointless tokens. Floki Inu’s deception came as investors realized there were contractual issues. Users started to receive warning messages while trying to sell the tokens they purchased. When only the project owners were able to make the sales, it was understood that the situation was fraud.
However, despite the exposure of the project’s scam, fear of missing out (FOMO) reigned for many who chose to gamble. When the V2 version of the project came out, investors also invested in it. But the same problems were experienced in FLOKI V2.
In other words, the project defrauded the investors twice.