Filipino Crypto Trader Loses ₱576,000 in Kong Sui ($KONG) Rug Pull

A Filipino crypto trader recently lost $10,000 (around ₱576,000) after the meme token Kong Sui ($KONG) rug-pulled.

A Filipino crypto trader recently lost $10,000 (around ₱576,000) after the meme token Kong Sui ($KONG) rug-pulled. The developer abruptly sold off over $20,000 worth of tokens and disappeared from the community, leaving investors devastated.

According to the trader, who goes by the handle HesuCrypto on X, the incident occurred on December 21. He was serving as a moderator for the Kong Sui community at the time.

In an X post, he noted that despite the incident he gained confidence in their ability to manage a community.

“I lost $10,000.00 during (the) rug, but what I earned in this experience is the confidence once lost in me 4 years ago. $10K is maybe small from others, but it means a lot to me as I work day in and day out for that. But yeah, lessons learned from this experience… I would like to thank everyone who believes in me during my time as a mod in @kongonsui. Thank you to the FILIPINO COMMUNITY who stands by my side from the very beginning up to the end.”

Another crypto trader, @umememaster, also expressed disappointment over the recent Kong Sui rug pull.

“Feeling betrayed after the dev sold $20,000 and left abruptly. We were promised transparency and a fair launch, but it turned out to be a scam. Despite the warning signs, I had high hopes for $KONG. I guess I was too naive to trust a meme coin again. Lesson learned: Trust no one in crypto, especially not anonymous dev teams.”

On the other hand, while HesuCrypto experienced a rug pull, another investor was fortunate enough to cash out just before it happened.

“I was about to cash out at 1.2x, but I hesitated and got burned. I’m glad I was able to cash out at 1.08x, though. It’s still a small profit, but I’m grateful I didn’t lose any money in this rug pull. I’m really disappointed in the dev for pulling the rug on us like this. We were all so excited for $KONG, and now it’s over.”

KONG is a meme token within the Sui blockchain ecosystem. It was launched on December 21 with a total supply of 100,000,000 tokens. The token was available for purchase on the X decentralized exchange (DEX).

According to X data, $KONG reached a peak price of $0.18 during the morning hours of December 22. However, the price began to decline rapidly in the afternoon, eventually dropping to $0.02 by evening.

At the time of writing, $KONG is trading at $0.022 on X.

Rug pulls are a common occurrence in the crypto space, especially among lesser-known tokens and meme coins. These scams can be difficult to identify and often result in traders losing significant amounts of money.

To avoid falling victim to a rug pull, it is important to do your own research and only invest in projects that you fully understand. Additionally, be wary of any tokens that are being hyped up quickly or that promise unrealistic returns.

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