Get 40% Off
🔥 This hedge fund gained 26.16% in the last month. Get their top stocks with our free stock ideas tool.See stock ideas

Pond0X token launch snafu leads to millions of dollars in losses

Published 07/28/2023, 04:00 PM
Updated 07/30/2023, 08:00 PM

The launch of memecoin Pond0x has led to millions of dollars in losses for investors, according to multiple reports on social media on July 28. Data from the Maestro trading app shows that the Pond0x (PNDX) token reached a price of $0.36 before collapsing to near zero in a span of five minutes.

Maestro chart of PNDX/USD during its launch. Source: Maestro

The launch of Pond0x was announced on July 28 by Jeremy Cahen, the founder of Not Larva Labs who is better known by his Twitter username “Pauly." Not Larva Labs is the developer of a nonfungible token trading app for CryptoPunks and for a separate parody collection called CryptoPhunks. It is not associated with Larva Labs, the creators of CryptoPunks.

The code of the transfer function in the PNDX token contract. Source: Etherscan

Continue Reading on Coin Telegraph

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.