Crypto

Cryptocurrency developer’s gambling addiction leads to rug pull

The developer allegedly stole $2 million from investors of the 0XENCRYPT project

In a recent post on Reddit, a cryptocurrency developer opened up about the chaotic aftermath that followed his departure from a project he created. Expressing deep remorse, he took full responsibility for the downfall, which resulted in a devaluation from $2 million to a mere $20,000 within a matter of minutes. According to him, it was the result of his gambling compulsion, which led him to steal the funds.

Numerous individuals who had invested in the Encryption AI venture expressed their grievances regarding the fraud committed by the developer. Consequently, the service token, 0XENCRYPT, suffered a considerable decline from approximately $2.05 to a mere $0.02. CoinGecko, a token data aggregator, documented a noteworthy plummet in value on July 2.

In a departure from typical rug pull narratives, the project developer opted for a unique approach by penning a heartfelt letter aimed at the community. He took responsibility for their actions, expressing remorse and pointing blame at his gambling addiction. That need to gamble, he said, forced him to take the money and close up shop, deleting all records of the project.

Numerous investors have exchanged snapshots uploaded by the creator on online platforms. Within the uploaded content, the developer openly discussed his challenges with gambling and unveiled a staggering loss of $300,000 on virtual gambling platforms. Moreover, despite the uncertain fate of the current project, the creator firmly pledged to exert every effort to overcome his weaknesses.

The rug pull sparked fury among the project’s supporters and others in the crypto ecosystem. Some want retribution, although they’re going to have to find the developer first.

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