The launch of $Jota Coin by popular skitmaker, Chukwuebuka Amuzie, popularly known as Brain Jotter, has reportedly ended in disaster.
The coin crashed just hours after its September 1 debut on the TON network.
TON or The Open Network, is a blockchain platform originally developed by the messaging app, Telegram.
It is designed to support decentralised applications (dApps) and services with fast transactions, high scalability and low fees. The native cryptocurrency of the TON blockchain is called Toncoin (TON).
This failure has led to widespread accusations of 'rug pulling,' where developers abruptly withdraw all funds, leaving investors with worthless tokens.
Endorsements by popular faces are increasingly linked to a surge in crypto scams and rug pulls.
While these high-profile figures, bring attention to their endorsed projects, they also expose unsuspecting investors to significant risks.
Crypto analysts and social media users, have been quick to criticise the project, mocking its rapid failure and warning others about the dangers of such ventures.
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