World Record Egg’s two crypto tokens smell kind of bad

The marque down 1 of nan most-liked photos connected nan net entered nan cryptocurrency realm earlier this annum astatine that long a crypto enthusiast acquired nan authorities to nan @world_record_egg Instagram account. With 5.2 cardinal followers, nan “egg” is simply a basking property.

French entrepreneur Mustafa El Fishawy, that person successful March acquired a 75% liking successful Talking Egg, hasn’t disclosed if he is down immoderate of nan cryptocurrency projects associated alongside nan brand.

The crypto task has drawn fiery criticisms and accusations from nan public, during nan developers haven’t responded to their investors and organization members successful months.

This photograph was liked 61 cardinal times, 2nd only to Lionel Messi’s World Cup triumph photo, that boasts 75 cardinal likes. (world_record_egg)

There person been 2 Solana tokens called “Just An Egg” launched beneath nan marque since nan acquisition and their journeys person been acold from smooth. The squad down these 2 crypto projects claims to person struck a woody alongside nan Instagram account.

Another 1 was launched connected Ethereum almost a annum earlier nan Solana tokens, though it has been abandoned. It shares nan aforesaid “Just An Egg” brand, name, domain and email address, but nan squad down nan Solana projects stressed that they are not related. Rather, nan caller squad says it bought nan authorities to “Just An Egg” from nan bad ovum connected Ethereum.

Related: Major memecoins are down 63% connected mean contempt marketplace frenzy

The first token motorboat was announced connected March 17, 2024, alongside a $2 cardinal presale connected nan Solana blockchain. It has proven arguable because information supplier DEXTools shows that nan token peaked astatine a $150 cardinal marketplace capitalization but quickly suffered a crisp sell-off.

Critics constituent to blockchain records that propose a comparatively mini magnitude of SOL whitethorn person been secondhand to inflate nan price. About 90% of nan token’s proviso was purchased by 3 wallets linked by a azygous Binance withdrawal of 1,725 Solana (SOL) connected March 23, nan aforesaid time nan Talking Egg institution was officially acquired.

Around 1,725 SOL was dispersed to wallets that purchased astir of nan $EGG tokens. Source: Solscan

A 4th reside appears to necktie nan 3 wallets to nan soul team. It was besides a recipient of nan Binance output and secondhand to mint nan $EGG token’s astir 4 cardinal supply, besides connected March 23.

A crypto project's marketplace headdress mostly depends connected really overmuch hype nan squad tin create, Mads Eberhardt, a elder crypto expert astatine Steno Research, told Cointelegraph. 

He added that "if they ain astir each of [the supply], past surely they tin pump it overmuch higher than [$150 million]."

The abrupt autumn drew allegations related to insiders manipulating nan proviso from disgruntled observers and investors.

The Just An Egg squad blamed nan nonaccomplishment of its first token connected a rogue developer that person sewage frightened and started nan selloff, that snowballed. It refunded nan presale funds, though investors that person participated successful unfastened marketplace trading were near alongside financial damages.

Just An Egg addresses allegations. (Just An Egg)

Several X users complained that nan refund was a marketing stunt enabling insiders to get much of nan token’s proviso and dump them astatine larger profits.

One of nan “snipe” transactions brought upward by organization members is simply a recipient of nan Binance output. (Solscan)

Cointelegraph reached retired to Just An Egg and El Fishawy for comments but did not person a response.

The caller ovum token

A fewer days later, nan aforesaid squad announced that it could “relaunch” a caller $EGG token and ditched nan first one.

The second Solana token (the latest one) does not person an charismatic email reside linked to it connected DEXTools. Its token statement is presently displayed connected nan Just An Egg charismatic website. At nan bottommost of this page, its email interaction reside is nan aforesaid arsenic nan 1 registered to nan first Solana token and nan Instagram account.

The latest version of Just An Egg had a highest marketplace capitalization of $32 cardinal but mislaid half of that successful nan first fewer days. Source: DEXTools

The sell-off for this token wasn’t arsenic fierce arsenic its predecessor and doesn’t bespeak nan tendencies of a wide pump-and-dump scheme. This token has gradually tumbled from its highest of astir $30 cardinal marketplace headdress to conscionable beneath $1 cardinal arsenic of Sept. 25.

The developers don’t look to beryllium responding to queries from investors.

Related: Been scammed? ‘Crypto crimestoppers’ declare to thief get crypto back

Their Telegram group has turned into a casual chat abstraction for its community, that often requests updates from developers but are ignored. Meanwhile, moderators support nan page progressive by posting memes from nan project’s charismatic X account.

Community members often inquire for updates, but nan developers haven’t responded successful months, during moderators preach patience. Source: Just An Egg

The task roadmap connected its website states intentions to “fry upward nan crypto crippled and poach nan apical spot among meme coins,” though it doesn’t reveal specifications connected nan timeline of their goals.

This soundlessness leaves galore investors wondering astir nan early of that was erstwhile a promising and iconic net arena turned crypto project.

Some investors stay hopeful that nan squad intent travel done connected their committedness of cardinal marque partnerships, merchandise, and products.

There secondhand to beryllium different Just An Egg 

A token of nan aforesaid sanction launched connected nan Ethereum concatenation successful May 2023. Like its early Solana counterparts, it shares nan aforesaid email address: [email protected]. 

The Ethereum $EGG token has a bad reputation owed to its relation alongside an alleged rug propulsion successful nan industry. 

Just An Egg organization requests grounds that nan existent squad is not linked to nan erstwhile ETH squad successful July. Source: Just An Egg

Cointelegraph has confirmed alongside DEXTools that this email reside was added connected May 19, 2023, and hasn’t changed since.

According to DEXTools, nan corresponding email reside has to beryllium secondhand astatine that long filing for accusation updates alongside nan platform.

Despite this, nan squad down nan Solana task claims that they are not nan aforesaid group that person launched nan task connected Ethereum. Instead, they opportunity they purchased nan authorities to Just An Egg from nan erstwhile team, and that a woody was established alongside nan Instagram relationship to necktie nan 2 brands together.

Some investors crave their money back

A broader group of alleged victims wants to prosecute ineligible action against Just An Egg arsenic they declare that they person been robbed of their investment, an allegation that nan existing squad has antecedently denied.

Social media run to return steps towards a lawsuit. Source: Sensey

Just An Egg investor Sensey has launched a societal run to rally different alleged victims successful hopes of building a unified beforehand for a lawsuit.

“My extremity is to compile each nan complaints and prosecute a lawyer that person intent build a coagulated lawsuit to coming to nan [French Financial Markets Authority],” Sensey told Cointelegraph.