Crypto Founder Charged in Alleged $9 Million Memecoin Rug Pull

Kishu Inu grew into a billion-dollar cryptocurrency, and its creator allegedly collected millions from undisclosed token sales. Federal prosecutors now accuse him of misleading investors while selling holdings secretly allocated before the public could buy. Investors in Kishu Inu allegedly received false assurances about its creators’ holdings while insiders sold tokens for personal profit. The U.S. Attorney’s Office for the Northern District of Illinois disclosed the charges Oct. 7 against Alexander Sisemore, 28, of Fayetteville, Arkansas, known as “Kishu man” and “Kimbo.” Launched in April 2021, the cryptocurrency subsequently exceeded $1.6 billion in market capitalization.

Source: Bitcoin.com News