$JotaCoin Crashed Hours After It’s Debut On The Ton Network

The launch of $Jota Coin by popular skitmaker Chukwuebuka Amuzie, popularly known as Brain Jotter, has ended in disaster.

There are indications of the coin crashing just hours after its September 1 debut on the TON network.

TON or The Open Network, is a blockchain platform originally developed by the messaging app Telegram.

It was designed to support decentralised applications (dApps) and services with fast transactions, high scalability, and low fees. The native cryptocurrency of the TON blockchain is called Toncoin (TON).

This failure has led to widespread accusations of “rug pulling.”

Where developers abruptly withdraw all funds, leaving investors with worthless tokens.

Celebrity endorsements are increasingly linked to a surge in crypto scams and rug pulls.

These high-profile figures bring attention to their endorsed projects. They also expose unsuspecting investors to significant risks.

The recent collapse of JOTA Coin has sparked strong reactions online, with many Nigerians tagging it as yet another example of a celebrity-backed scam.

Crypto analyst and social media users have been quick to criticize the project.

They mocked the project and warned Nigerians against the dangers of venturing into such project.

A crypto analyst, with the account, #CryptoPidgin3, made a post on X.com. Saying, “So, the $Jotter coin no even last 2hrs. Because, Davido own even last 3days. Another sign to let u know say we don dey bear market back.”

Another X user, Big Huncho, with the user name #Hunchodrixx, said, “Jeez Did@brainjotter__ just rugged his Crypto project?”

Crypto Chiefpriest with handle #CryptoCPriest, in his post tweeted, “Is this the JOTA coin launched my @brainjotter__ Everyone was so hyped about or is my eye deceiving me? You all never learn.”

A developer, Malik Olabiyi, said there’s a need for proper regulation. He further said,

“As interest in crypto currency grows, investors are advised to conduct through research, before committing funds to a project, regardless of the celebrity involvement.”

“The rise in fraudulent scheme tied to celebrity endorsements, underscores the need for greater regulatory scrutiny in the crypto space.”