Memecoins have become a phenomenon in the crypto industry. With Gen Z investors moving fast from one opportunity to another, a token launch for an influencer has become a great way to make money.
MrPunk.eth, a crypto influencer, launched the $gang token yesterday. On its release, the token started to soar at an exponential rate thanks to MrPunk.eth’s reach. However, this rapid ride was short-lived, as right now the token has crashed 98%.
Freakyfawi accuses MrPunk.eth
A crypto influencer, referred to as on X, has been accused of manipulating his own crypto project called “Gang” and cashing out a staggering $10 million.
According to crypto investigator @freakyfawi, “MrPunk.eth,” an influencer allegedly sold $1.3 million worth of tokens in just two minutes after a promotional tweet. And within the next few weeks, he allegedly cashed out $10 million.
“After his tweet, he STARTED DUMPING on YOUR HEADS, extracting $1,300,000 in 2 minutes only ON JUST ONE WALLET,” @freakyfawi posted. The same wallet, according to claims, received funds via Coinbase three days ago.
Other investigations reveal a new wallet, FZ7r9Sh…GzRrf9JVh4h, which purchased tokens prior to the tweet and then offloaded them in bulk afterwards. Now, this is a classic “pump and dump” in which the price rises first and then sells off sharply, leaving investors with mad losses.
Also, another wallet, 8t2kDnycv…ZcdqYcX, belonging to the influencer’s associate, received $3 million and off-loaded it via Binance, which raised the suspicion that this might have been organized insider trading.
Some traders in the space are calling for accountability “This is what you get for buying an Indian farmer’s coins,” @freakyfawi wrote in a controversial remark, which has also drawn backlash as it sounded racist.
With all these allegations rising, many started to question GoFundMeme, a platform used to create the $gang token.
GoFundMeme Set the Record Straight on GANG Launch
In an attempt to clear its name, GoFundMeme, the platform that was involved in the launch of the Gang token, posted a lengthy thread to explain its role clearly.
In a lengthy tweet on X, GoFundMeme claimed that MrPunk.eth had a clear vision for the tokenomics of GANG, and the platform had a special feature called “Chef Mode” that allowed him to customize the tokenomics as he wanted.
GoFundMeme said the influencer was concerned about snipers, meaning those who try to buy tokens before others can, usually to make quick profits.
To prevent this, GoFundMeme said it’s set up a private environment where MrPunk.eth could buy his tokens without the possibility of snipers getting in on the action. They also explained the 20-minute delay between the creation of the token and its launch was due to technical issues with Orca pools not displaying liquidity locks properly on Dexscreener. Once these issues were addressed, the token was displayed for all to see and buy.
When the token was launched, MrPunk.eth funded the liquidity pool with 160 sol (10% of the presale allocation), which then went live on the platform for anyone to purchase. GoFundMeme emphasized that no one on their team purchased any GANG tokens and that they had more to lose than any of the traders who made profits.
After the token went live, MrPunk.eth tweeted the contract address, allowing anyone who was on the GoFundMeme website to buy the token. The team clarified that it was not possible for snipers to buy during the presale phase.
The wallets linked to MrPunk.eth include a 5% sale wallet, a 75% locked wallet, and a 10% presale allocation wallet. The presale allocation wallet also earns all the pool fees.
GoFundMeme wrapped up its message by stressing that anyone could have purchased GANG during the 3 minutes between the token’s launch and MrPunk.eth’s tweet. They made it clear that the team had no involvement in buying the tokens, stating, “NO ONE ON THE GFM TEAM PURCHASED A SINGLE GANG TOKEN.”
However, people don’t seem to believe this, as some wonder why the platform would give MrPunk.eth special treatment.
One user by the tag name @KookCapitalLLC accused the platform of being in on the alleged scam, stating, “The fact you wrote this much confirms that you are in on the scam fyi.”
MrPunk.eth Mocks Investors, Calls Them “Broke”
However, mrpunkdoteth responded to the claim with a very dismissive attitude toward his followers. On X, he posted a harsh message mocking investors who lost money on his promoted coin: “If you’re so broke that you can’t afford losses in gong, then why are you in the biggest casino of the earth?”
Some followers were upset by his response. A follower, @cometcalls, called him out: “Your followers, people that are trying to make it by following you, are mad they lost money on your coin, and you respond by calling them broke losers?”
MrPunk.eth’s response was even harsher: “Get a fucking life you poor broke fat asses.”
Things took a surprising turn when @freakyfawi uncovered that MrPunk.eth’s real identity is allegedly Rajinder Pathani. This came after Pathani reportedly made his Instagram account private in response to the accusation.
But still, @freakyfawi didn’t hold back: “GUYS WE GOT HIM. MR PUNK DOT ETH THE $10,000,000 LIQUIDITY EXTRACTOR, IS RAJINDER PATHANI. LOOKS LIKE HE SAW ONE OF THE TWEETS. SPREAD THE WORD,” he tweeted
Adding to the drama, @freakyfawi also revealed that MrPunk.eth used to operate under the name “fist.eth” before fully transitioning into a crypto influencer.
As of now, MrPunk.eth hasn’t directly mentioned if he rugged the token or if it was just pure market manipulation but has only continued to insult his followers.
