[Safety Circle] Musk's altcoin of the same name plummeted nearly 100%, and investors suffered a "carpet pull" scam

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Altcoins, Musk, cryptocurrencies

The price of an altcoin containing Tesla CEO Musk's name plummeted nearly 100 percent on Wednesday, and investors were clearly in the face of yet another "carpet-pulling" scam.

The altcoin, called Baby Musk Coin (coded 'BABYMUSK'), was just launched at the end of January and raised $2 million through an "initial coin offering" (ICO), but it has also raised questions from some.

The first to warn was twitter users NOSHITCoin_io, who pointed out multiple red flags just days after the cryptocurrency was launched, including a large number of BABYMUSKs in the hands of developers and the fact that users could not sell. As a result, the user called it a "honeypot scheme." They also accused CoinMarketCap of listing data from BABYMUSK — which the project noted in a press release to "prove" its legitimacy.

Now, the project is falling apart. The project's developers appear to have erased all signs of BABYMUSK's existence, the project's website and Twitter accounts have disappeared, and the self-described "video of Baby Musk dancing on the Internet" released by the company to promote the project has disappeared.

However, the "Baby Musk Coin" page on coinMarketCap's website has not disappeared, showing that the token is experiencing a nearly 100% plunge.

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