YEREVAN (CoinChapter.com) — The recent developments surrounding the Molly project (MOLLY), have captured significant attention. Well-known influencer Crypto Bitlord, who launched the project, now faces fresh rug pull allegations. Several users, who once trusted him, now claim to be disappointed. Others claim that the project is a scam, pointing out Bitlord’s alleged involvement in other such cases before.
Crypto Bitlord successfully launched the project after raising $5 million from the community. Besides his vast following (he boasts over 300,000 followers on X), MOLLY found fans amid promises to introduce a new era in the digital currency space.
Unsurprisingly, high enthusiasm surrounding the initial fundraising phase. Unsuspecting investors rushed to claim their MOLLY tokens, hoping that Bitlord’s popularity would make them rich.
However, the excitement didn’t last. The unfolding events have led to a dramatic turn of fortunes for MOLLY, raising questions about its legitimacy and future.
MOLLY tanks amid scam allegations
Soon after Bitfold announced that the token claim for early backers was live, MOLLY’s value plummeted. This sparked widespread allegations of a rug pull, casting a shadow over the crypto influencers’ intentions.
As one user explained on X (formerly Twitter), the token tanked after whales found a loophole in the system and grabbed a large amount of MOLLY tokens. Subsequently, they dumped these in the market, driving its price down.
However, some users have indicated that Bitfold may be behind this as well.
“Just another reminder, MOLLY by Crypto Bitlord is a clear rug, he would have wallets non disclosed constantly dumping on you all, this is how 99% of coins in the degen community operate,”
one user wrote.
What also comes as suspicious is the fact that the influencer claimed the project’s full diluted value (FDV) to be over $100 million. Accordingly, just 2,000 users had helped MOLLY attain a $21.3 million market cap.
This, as the user pointed out, means nothing short of a rug pull.
Crypto Bitfold behind another pump and dump?
Adding to the controversy is Crypto Bitlord’s previous ventures, such as the Mong Coin (MONG), which had its share of ups and downs. He has previously been accused of influencing the price of the project so he could benefit from selling his bag.
“Regarding Mong Coin, Bitlord and his team purchased a significant quantity of tokens prior to announcing the launch. Subsequently, they proceeded to unload these tokens onto their followers and other investors after the price had experienced a considerable surge. This pattern is evident in the sharp rise in the value of Mong Coin following its launch, followed by a rapid crash,”
on Reddit user alleged.
Other users have also pointed out similar patterns on X, highlighting Bitlord’s previous engagements with crypto.
One key factor that attracted investors to the MOLLY token was the claim that Crypto Bitlord had conducted thorough KYC of its angel investors. This was a pre-requisite for them to claim their tokens.
Moreover, he claimed to have strictly complied with regulations in Dubai. However, some people are not buying this claim.
They believe this is nothing more than a tactic to make scamming easier.
If the MOLLY project succeeds, early investors will have the last laugh. However, to Crypto Bitlord, the backlash and scrutiny may potentially impact his future endeavors in the digital currency space.
