Pond0X token launch snafu leads to millions of dollars in losses

The app permitted users to mint new PNDX tokens in exchange for a fixed amount of Ether (ETH), comparable to a presale or fundraise. Numerous users expected the fundraise to be done on Uniswap, and the listing of both the site and the agreement address in the same post triggered confusion, according to social media reports.Related: Meme coin rate predictions 2023 compared: Pepe Coin, Thug Life, and moreSome users purchased the token on Uniswap through bot trading apps like Maestrobots or Team Unibot, increasing its rate. Other users minted tokens using the web app and offered them into the market at a profit.Users who lost crypto grumbled they had lost thousands or even millions of dollars.

The launch of memecoin Pond0x (PNDX) has actually led to millions of dollars in losses for financiers, according to several reports on social media on July 28. Information from the Maestrobots trading app reveals that the token reached a price of $0.36 prior to collapsing to near no in a period of five minutes.Maestrobots chart of PNDX/USD during its launch. Source: Maestrobots.The launch of Pond0x was announced on July 28 by pseudonymous Not Larva Labs founder “Pauly,” who is understood only by his X username. Not Larva Labs is the designer of an NFT trading app for CryptoPunks and for a different parody collection called “CryptoPhunks.” It is not related to Larva Labs, the creators of CryptoPunks.In the statement, Pauly noted the agreement address for PNDX and the URL for its main web app. Invite To Pond0x https://t.co/iSiwpRDrix – $PNDXContract: 0x1d4214081985ad20aa3ca93a2206ae792635cbec pic.twitter.com/UokLAHPaSn— PAULY (@Pauly0x) July 28, 2023

Data from the Maestrobots trading app reveals that the token reached a price of $0.36 before collapsing to near no in a span of 5 minutes.Maestrobots chart of PNDX/USD during its launch. It is not associated with Larva Labs, the developers of CryptoPunks.In the announcement, Pauly listed the agreement address for PNDX and the URL for its official web app. The app permitted users to mint new PNDX tokens in exchange for a fixed quantity of Ether (ETH), similar to a presale or fundraise. Lots of users expected the fundraise to be done on Uniswap, and the listing of both the website and the contract address in the exact same post triggered confusion, according to social media reports.Related: Meme coin price forecasts 2023 compared: Pepe Coin, Thug Life, and moreSome users acquired the token on Uniswap through bot trading apps like Maestrobots or Team Unibot, increasing its price.

Another user reported that PNDX has a malfunctioning transfer function that allows users to move coins from any other user. Blockchain data reveals that the transfer function for the coin is uncommon. Rather of consisting of a line of code that updates the users balance, it calls a separate “brutalized _” function.Cointelegraph might not determine the effect of the brutalized _ function by the time of publication.About two hours after their preliminary post, RuneCrypto provided an upgraded report that specified a new version of PNDX is being produced by the individual who initially drained pipes the cash from financiers. According to them, the brand-new project will provide a “control panel” to compensate victims through a “neighborhood coin.”Memecoins, or coins related to a viral internet image or video, first came to prominence with the launch of Dogecoin (DOGE) in 2013. They stay popular today. On June 7, several U.S. Securities and Exchange Commission (SEC)-themed memecoins surged in price after the agency took legal action against crypto exchanges Coinbase and Binance. On July 27, multiple alien-themed memecoins were developed and promoted on social media throughout a U.S. House of Representatives hearing on unknown flying things.