MALOU (NEVER) Memecoin Rug Pull

Notice: This page is a freshly imported case study from an original repository. While the original content had a similar format, some sections may not have been fully completed. Please help fill in any empty sections or any missing information you can find. If you are new here, please read General Tutorial on Wikis or Anatomy of a Case Study for help getting started.

Notice: This page contains sources which are not attributed to any text. The unattributed sources follow the initial description. Please assist by visiting each source, reviewing the content, and placing that reference next to any text it can be used to support. Feel free to add any information that you come across which isn't present already. Sources which don't contain any relevant information can be removed. Broken links can be replaced with versions from the Internet Archive. See General Tutorial on Wikis, Anatomy of a Case Study, and/or Citing Your Sources Guide for additional information. Thanks for your help!

Malou Never Tokenomics And Facebook Background

MALOU (NEVER) was a new memecoin built around the philosophy of perseverance and adaptability. The smart contract was built with centralized controls. On July 16th, the smart contract was used to drain assets from the community of investors. Social media has all been edleted and it is unclear what investigation is underway to potentially recover the funds.

About Malou (Never)

"In the bustling world of cryptocurrency, where innovation and creativity intersect, emerges MALOU — a Blockchain meme project deeply rooted in the industrious spirit of the monkey. With the native token “NEVER,” MALOU endeavors to harness luck on the journey to success. This white paper outlines the vision, mechanics, and distribution strategy of MALOU, positioning it as a vibrant and engaging addition to the Binance Smart Chain (BSC) ecosystem.

MALOU represents more than just a digital token; it embodies a philosophy of perseverance and adaptability. Through clever branding and community engagement, MALOU seeks to establish itself as a prominent figure in the BSC meme coin space. By embracing the unpredictable nature of memes and combining it with the transparency of blockchain, MALOU aims to create an ecosystem where creativity flourishes, and fortunes are made."

"The native token of MALOU is aptly named “NEVER,” symbolizing the determination to never give up and to always strive for success. With a total supply of 1,000,000,000,000 NEVER tokens, the distribution strategy is designed to ensure liquidity, incentivize community participation, and foster growth."

"NEVER is listed on Gate.io. If you are a Gate user you can easily buy some NEVER coins. Apart from Gate, there are two options to buy Malou’s NEVER token; the official site and Pancakeswap."

The Reality

"According to GoPlus, the contract creator can make changes to the token contract such as disabling sells, changing fees, minting, transferring tokens etc. Exercise caution."

What Happened

"On BNB Chain, the MALOU (NEVER) token experienced over 99% slippage. The address 0xd7c358b8337d3116f5765060f48C1C71B9908B84 used a backdoor to sell NEVER tokens, obtaining 428 BNB (approximately $240,000), which were then transferred into Tornado."

Key Event Timeline - MALOU (NEVER) Memecoin Rug Pull

Date	Event	Description
May 14th, 2024 11:57:51 PM MDT	MALOU Whitepaper Release	Whitepaper released about the MALOU (NEVER) token.
May 16th, 2024 7:38:16 AM MDT	Creation Of Smart Contract	Smart contract created in a blockchain transaction.
July 9th, 2024 10:41:48 PM MDT	Token Price Increase Article	BizTechAfrica publishes an article the 100% price increase.
July 16th, 2024 1:52:03 AM MDT	Malicious Blockchain Transaction	The rug pull transaction liquidates the funds stored in the smart contract.

Technical Details

This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

Total Amount Lost

The total amount lost has been estimated at $240,000 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

How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

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

What parts of this case are still remaining to be concluded?

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.

For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.

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.