'Second uncle coin collapse' sparks public concern

2022-08-01 Ecns.cn Editor:Mo Hong'e

(ECNS) -- The so-called "Second uncle coin collapse" is sparking heated debate on social media platform Sina Weibo.

Second Uncle Coin (SUC) was launched by "second uncle dao", who initially claimed to be raising funds for a handicapped villager named Erjiu, or "second uncle."

The 66-year-old rose to fame after a video was released that showed his tenacity in the face of hardship.

According to the digital currency's website, a total of 1 trillion SUCs have been issued, with a total value of $1.3 million, said the Securities Times. 

But on the evening of July 28, a netizen nicknamed Who Care News released a tweet saying it was a scam and that the coin publisher had run away with the money.

The netizen cited a tweet by Iketrinia Rais, a virtual currency security expert, saying that a "rug-pull" had been detected in the SUC pool.

Rug-pull is a term used in the cryptocurrency industry when a development team suddenly abandons a project and sells or removes all of its liquidity.

The netizen's allegation was refuted by second uncle dao, who said there had been no rug pull by his team.

However, there was no longer any relevant currency search information on its trading website.

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