A 22-year developer behind Encryption A.l, a cryptocurrency project, has rug-pulled users of roughly $2 million ahead of the platform’s liquidity migration. In a screenshot shared on July 3 and posted on Twitter, the developer apologized, saying that while he “deeply regretted his actions and impact on users, he was battling a crypto-gambling addiction that has seen him lose over $300,000 in the past few months.”

The decision to rug-pull user funds and make away with $2 million was, it appears, a way of recouping his crypto gambling losses.

OxEncrypt Prices Crash After Rug Pull

According to data from DEXTools, the prices of OxEncrypt slumped by over 95% following this decision, crashing from over $3.25 to as low as $0.02 by the time the screenshot was shared. The token was only available for trading on Uniswap, the world’s largest decentralized cryptocurrency exchange.

OxEncrypt was the native token of Encryption A.l, a cryptocurrency project that claimed to be building “an arsenal of tools to empower traders and developers.” 

Among some of the tools, the platform allowed the creation of Telegram bots which the developer said would instead allow the owner to trade decentralized finance (DeFi) instruments much more efficiently.

The team added that their bots use different algorithms to encrypt smart contract addresses so they aren’t detectable to “sniper bots and Telegram bots.” Among these tools include a Wallet Analysis Tool that gives a detailed report about a wallet’s balanc

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Author: Dalmas Ngetich

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