Earlier this week, it has been reported by CryptoSlate that FLOKI (Floki Inu) (the latest dog-themed token which is inspired by Elon Musk) has twice betrayed the users during a short time. However, the community members of Floki have told the story from their perspective, describing the frauds, loss, and miraculous resurgences.
The story of Floki started on 25th June, at what time the CEO of SpaceX and Tesla, Elon Musk, declared that he suggests ‘Floki’ as the name of the Shiba Inu pup, seemingly recognizing the eponymous TV series Vikings’ character.
Soon after the publication of Musk’s tweet, the latest bunch of resourceful tokens predictably entered the market of cryptocurrency, aspiring to get benefit out of the hype. However, one of them, Floki Inu, succeeded in achieving a strong following.
With an increase in the reputation of the aforementioned token, it was shortly detected by the consumers that the owner of the Floki was not only minting the new tokens for redistribution but at the same time robbing a substantial (even the whole) amount from every out of every transaction through a 20% tax which was hard-capped, rather than to spend 5% on the marketing and keep the remaining.
The rug pulling
A customer having the pseudonym of Bamidele noted that following the respective community polled in support of the ‘Floki V2’ launch, the initial manufacturer kept absolute radio silence on the matter and started extracting holdings from the smart contract of the token.
He further disclosed that the developer was initially insubordinate; however, he consented after being pressurized as all of the community was on board. He conducted a voting session among the community, and it ended in the community’s support for a fork. Shortly after, the account of the developer was deleted by him, and he went out and began withdrawing funds.
As mentioned by Bamidele, an address on the Ethereum network was associated with the initial developer of Floki, who succeeded in escaping with an approximate amount of 26,00 ETH that values over $5 million.
As the latest hard fork is under process, the prominently vigorous participants of the community have initiated the required arrangements for the launch. Consequently, Marvin (there is no surety about it being his real name) was included as a new developer in the group to administrate the code of Floki V2.
Securing the Floki
To save the Floki from being damned, the developers invested an additional $450,000. The group revealed that it has to struggle a lot for saving the Floki by retrieving the amount back to the community. In doing so, they had to get rugged on their property.
Nearly $300,000 were invested to the liquidity pool of the V2 of Floki, and the remaining were expended on the compensation of the audit payments, developers, and other such things.