– Investors have reported losing up to $2.2 million due to mishandling of the Pond0x token’s launch.
– The token’s price reached $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, leading to some purchasing the token on Uniswap and others minting tokens using the web app.
– Users who lost crypto complained of losing thousands or even millions of dollars.
– Reports suggest that investors lost over $2.2 million in the launch.
– There are also reports of a faulty transfer function in the PNDX token contract.
– An updated report states that a new version of PNDX is being created to compensate victims through a “community coin.”
– Memecoins, 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.
