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U.S. federal prosecutors have charged the founder of memecoin KISHU with an alleged rug-pull scam involving about $9 million, Bitcoin.com reported.
According to prosecutors, KISHU’s market capitalization surpassed $1.6 billion after its launch in April 2021. Prosecutors allege the founders promoted the project as having no separately allocated team tokens, but in fact assigned 12% of the total supply to wallets under their control before the public sale.