Attaining a Market Capitalization of US$328 Trillion, BONKKILLER Proven to be a Scam!

Attaining a Market Capitalization of US$328 Trillion, BONKKILLER Proven to be a Scam!

A Solana-based memecoin, Bonk Killer, suddenly rose to become the asset with the highest market capitalization in the world at US$328 trillion, with just over 1,900 holders. However, the token cannot be sold due to a freeze authority scheme.

1,900 Traders Trapped in Bonk Killer

Bonk Killer (BONKKILLER) was launched on April 29, with a trading volume of approximately US$4.6 million within the last 24 hours. According to the cryptocurrency analytics platform Birdeye, over 90% of the tokens are owned by its creators.

Image: BONKKILLER price chart. Source: Birdeye.

Unfortunately, many investors who purchased the memecoin soon realized they couldn't move the tokens.

"[BONKKILLER], a fraudulent and honeypot token, surpassed a Market Capitalization of US$100 trillion following the developers' action to freeze token holders' accounts and prevent token sales," stated Solana-focused news platform SolanaFloor in a post dated April 29th.

It is known that the creators of the Bonk Killer token activated freeze authority, a scheme that enables token creators to freeze the contract, preventing token transfers. The creators also have the authority to arbitrarily alter token information, such as logo, name, and website address.

According to the transaction history of BornKliller/USD on Birdeye, the latest transaction of the token is recorded as 'type-remove', indicating a user has removed some liquidity from the pool. Removed transactions on newly launched tokens are a sign of attraction.

Image: BONKKILLER token transactions. Source: Birdeye.

Meanwhile, according to Bird Eye, there are still traders purchasing BONKKILLER tokens despite the token's publicity across various platforms. The creators have also withdrawn US$1.62 million from victims in 11 transactions, according to on-chain data.

Conclusion

the rise of Bonk Killer to an astronomical market capitalization of US$328 trillion unveils a cautionary tale within the cryptocurrency space. Despite its seemingly impressive numbers and rapid ascent, the token has proven to be a scam, leaving over 1,900 investors trapped with worthless holdings.

The freeze authority scheme deployed by the creators underscores the inherent risks associated with decentralized finance and highlights the vulnerabilities investors face in unregulated markets. Despite warnings from platforms and media outlets, many individuals were still drawn to the allure of potential profits, only to find themselves unable to sell or liquidate their holdings.

The aftermath of the Bonk Killer saga serves as a stark reminder of the importance of due diligence and skepticism in the cryptocurrency world. As investors navigate this volatile landscape, it is crucial to exercise caution and vigilance, avoiding schemes that promise unrealistic returns and prioritizing platforms with transparent practices and regulatory compliance. Ultimately, the Bonk Killer scam stands as a testament to the need for greater oversight and investor education in the evolving realm of digital assets.

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*Disclaimer:

This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.