Hacking and scams are becoming a problem that continues to weigh on the legitimacy of the crypto industry. Even as the space increased vigilance and implemented security measures, crypto protocol Tsuzuki Inu stole millions of dollars from investors and exposed the problems of cryptocurrencies by subject matter. This meme and dog theme.

This morning, Twitter users noted that developers Tsuzuki Inu allegedly "carpeted" all the liquidity from investors. Transaction history on Etherscan shows they exchanged ERC-20 tokens for 265 wrapped Ethereum and then over $1,157,125 worth of USDC.

Source:  Etherscan.io

At the same time, the value of TZKI has dropped by almost 97% on CoinMarketCap and is trading at $0.0000000000002 at press time.

Source:  Coinmarketcap

This token has been in circulation since March of this year and advertises itself as both a meme coin and a game token. They also plan to add play-to-earn features in the future along with a DEX wallet that recently implemented free giveaways, possibly to increase token validity and price. TZKI has a total supply of 1 trillion trillion with locked liquidity.

Legal Trap

To carry out the conspiracy, the developers lured investors to swap their TZKI tokens for TZKI v2 tokens by sending them to the swap contract account, according to screenshots of Telegram chats. posted on Twitter.

Source: Twitter

Since then, the protocol's Twitter has been disabled, while the Telegram channel has remained unresponsive. On Twitter, abandoned investors are actively seeking information or mourning, while others are trying to identify who is responsible. KOL Jared, seen as the face of the protocol, has since received death threats. He said he was not a member of the administration team and was instead a victim of the scam.

“Just woken up everyone. Thread all of this together and try to figure out what happened. I was an early investor and became part of the team. Once I understand what's going on, I'll try and get back to you."

Some investors have also questioned the fact that legitimate exchanges like BitMart have listed such a token and demanded that they return lost investments. However, it turned out that BitMart had stopped all TZKI deposits and withdrawals at the request of the team behind the project.

Twitter user Erdal Torun tweeted :

“TZKI is really a carpet pull. Another sad day for the crypto industry! But, who makes that request with BitMart Exchange?

Come on… FBI, Gary Gensler, Hester Peirce… you have a lot of power! Show us what to do with scammers!”.

At a time when tokens like SHIB are growing like wildfire and play-to-earn games like Axie Infinity are hitting their stride, scams from tokens that look like innocent candidates are becoming more and more popular. should be popular. The Tsuzuki Inu scam is reminiscent of the recent Squid Game token carpet pulling. The digital token inspired by the hit Netflix series of the same name collapsed a few days after its valuation surged thousands of percent and developers fled with $3.38 million.