Over 100 Memecoins Linked to Rug Pull Schemes: Impact and Calls for Regulation

Recent investigations have revealed a troubling trend in the memecoin space: over 100 tokens, created and promoted by individual developers, are suspected of engaging in rug pulls. These schemes exploit investors with false promises, leaving them financially damaged and trust shattered in the crypto ecosystem. While one developer, Sahil Arora, is estimated to have earned $2-3 million from such scams, his actions highlight a concerning pattern within the memecoin market. 💰