BabyMuskCoin Honeypot Rugpull

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BabyMuskCoin

Baby Musk Coin was a new meme coin launched to supposedly attract the attention of Elon Musk. The smart contract was structured to prevent the token from being sold other than by founders. The token was able to trend on CoinMarketCap and then even gained some news coverage before the founders decided to sell all tokens into the market, capturing the entire liquidity. The resulting BNB was then anonymized through TornadoCash.

This is a global/international case not involving a specific country.

About BabyMuskCoin

"Ever since the popularity explosion of Dogecoin, propelled mainly by one of the most influential individuals – Elon Musk, the cryptocurrency industry has seen a rapidly growing number of memecoins." "As the popularity of Dogecoin rose after Tesla's CEO Elon Musk started propping it up on social media, there have been multiple projects that tried to replicate the success of DOGE by creating similar memecoins, or ones that relate with Musk."

"The Biggest Dreamer Is Now Even More Little. BABY MUSK Coin is an open source Bep-20 token."

"BabyMusk is a tribute coin to Elon Musk. Its community has one main goal: to catch Elon's attention such that he will join the project. He is Hyper-deflationary with an integrated smart staking system built in to reward you in BTC that are being automatically added to your wallet each transaction. Simply hold BabyMusk in your wallet and watch your BTC grow."

"A decentralized token with innovative technologies backing its potential, Musk is bound to be the next big thing in the world of cryptocurrencies." "Musk prides itself on morals of giving more than taking! After all, we’re always one step ahead when it comes to helping the community." "We have a designated charity wallet that receives redistributions that are used to support our charity partners."

"The Development of our Web Application & IOS/Android Mobile application that will feature a decentralized all-in-one wallet to store all your digital assets into one place, live charts, historical data, price drop notifications, staking, daily news, and lots more. Our mission is to create an irreplaceable position in the crypto space as an emerging coin with limitless financial rewards and benefits, all the while doing our part for the community." "BABYMUSK is built to reward trusted holders." "For each transaction, holders get a % reward in BTC and another % goes to the liquidity pool in order to maximise coin stability." "We are burning 50%+ of the supply within one year from launch."

"As a reliable coin with a rock-solid foundation, Musk is based on a proper mechanism to combat dumps. We are secured through the current taxation system and the right measures currently deployed to enable anti-whale function." "Unruggable, majority of LP tokens locked & some burned so there's always LP."

"During its initial coin offering (ICO) in early February 2022, the project raised almost $2 million. The token’s creators went to great lengths to make the initiative appear respectable, claiming that their goal was to “revolutionize the meme industry.” The Baby Musk Coin website, which is now defunct, contained a roadmap outlining the project’s future ambitions." "Initially, the project was seen as quite legitimate with an extensive roadmap, and initial coin offering (ICO) which raised more than $2 million. Even the alleged CEO of BabyMuskCoin Grant Liu stated that the project was merely in its beginning stages."

"Not only Baby coins are a cuter version of the animal coins that used to be very popular back in the years, but they also all have one very peculiar utility: for users they will reward them with more popular coins like BNB, Ethereum, Dogecoin etc. " "When the coin was released, it immediately saw a price increase, and the apparent CEO Grant Liu stated that it was “only the beginning.” Some of the features offered by the project include an index fund and a “Baby Musk Swap.”"

"As InvestorPlace contributor Chris MacDonald wrote yesterday, Baby Musk Coin seemed like the big new meme coin to invest in. It blends right in next to tokens like Shiba Inu (SHIB-USD), Dogelon Mars (ELON-USD) and Baby Lambo Inu (BLINU-USD), taking various aspects of these tokens and adopting them for its own project. It blended in so nicely, in fact, that it posted gains of over 30% yesterday alone."

"The first warnings came just days after the ICO by Twitter user named @NOSHITCoin_io. The user noted several red flags, including the giant BABYMUSK holding by developers and the fact that users can’t sell. As such, the user labeled it a honeypot scheme. They also took CoinMarketCap to task over its listing of BABYMUSK data — something the project noted in its press release to “prove” legitimacy."

"BEWARE ‼️ A #SCAM project @BabyMuskCoin is currently #trending top 2 @ #CMC! It is a #honeypot, you can't sell‼️ How can you trend #scams & trick people @CoinMarketCap?"

"There’s a new kid on the meme token block. Today’s reports that Baby Musk Coin (CCC:BABYMUSK-USD) pulled off a successful initial coin offering have been met with enthusiasm. Currently, the BABYMUSK crypto is up more than 30% on an impressive opening day."

"Like other meme tokens, investors in Baby Musk Coin appear to be after moonshot-type gains. Just like Shiba Inu (CCC:SHIB-USD) and Floki Inu (CCC:FLOKI-USD), meme spinoffs have become all the rage. Any asset that has the potential to see incredible gains over short periods of time is still enticing to many investors."

"Of course, these investments carry much higher levels of risk. However, for early investors willing to throw a few bucks at a project, such tokens are often viewed as call options on insanity."

"From 4 February to 9 February, this coin kept climbing up the ladder on its price chart. However, during the last few hours of 9th, Baby Musk Coin witnessed a free fall, shedding almost 100% of its value. Since then, it has been trading around the newly created lows only."

"The native token’s price dumped by 99% in hours as the anonymous team behind the project moved off 1,571 BNB (worth around $660,000 at the time)." "BabyMuskCoin plummeted 99%, 1,571 BNB (~$660,000) was dumped, and funds were moved to Tornado."

"In what is known as a honeypot, holders of the coin are unable to sell the token."

"According to the post [by CertiK], 1,571 BNB were extracted from the project, presumably by the creators of the project, and moved to Tornado cash, which is a protocol that increases the privacy of transactions via "breaking the on-chain link between source and destination addresses.""

"The project #BabyMuskCoin has dropped 99% and appears to be a #rugpull. 1,571 $BNB (~$66[0]K) was dumped and the funds were moved to Tornado cash."

"Right after that, the price of BabyMuskCoin plummeted by almost 100%, with users stuck in the honeypot, or, in other words, unable to sell their stash of tokens. Likewise, as with all rug pulls, the team behind the project deleted all of its pages on social media."

"And now, the project is falling apart. The project’s developers appear to have scrubbed all signs of BABYMUSK’s existence; the project’s website and Twitter account are gone, as is the self-proclaimed “viral Baby Musk Dance video” it posted to promote the project." "The project team CLAIMS to have been scammed via Telegram, but the Twitter and website are down."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

• Known history of when and how the service was started.
• What problems does the company or service claim to solve?
• What marketing materials were used by the firm or business?
• Audits performed, and excerpts that may have been included.
• Business registration documents shown (fake or legitimate).
• How were people recruited to participate?
• Public warnings and announcements prior to the event.

Don't Include:

• Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
• Anything that wasn't reasonably knowable at the time of the event.

There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

The Reality

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• When the service was actually started (if different than the "official story").
• Who actually ran a service and their own personal history.
• How the service was structured behind the scenes. (For example, there was no "trading bot".)
• Details of what audits reported and how vulnerabilities were missed during auditing.

What Happened

The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.

Key Event Timeline - BabyMuskCoin Honeypot Rugpull

Date	Event	Description
February 9th, 2022 11:43:00 AM MST	Main Event	Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.

Total Amount Lost

The total amount lost has been estimated at $664,000 USD.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

Immediate Reactions

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Ultimate Outcome

What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

Total Amount Recovered

There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

Ongoing Developments

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Individual Prevention Policies

No specific policies for individual prevention have yet been identified in this case.

For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.

Platform Prevention Policies

Policies for platforms to take to prevent this situation have not yet been selected in this case.

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Regulatory Prevention Policies

No specific regulatory policies have yet been identified in this case.

For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.