Dogecoin Influencer's New Token Crashes Minutes After Official Launch Due To Rug Pull Allegation

AcceptCrypto, a token created by Dogecoin influencer Matt Wallace, lost nearly 100% of its value just minutes after its official launch as its founder was accused by Dogecoin founder Billy Markus of attempting to defraud investors.

Wallace, along with fellow YouTuber Myles G, officially launched a new token called AcceptCrypto on Tuesday but the token crashed to zero after a brief surge of 12,000%.

Investors of the newly launched token were in shock after allegations cropped up on social media that the men behind the project had likely staged a rug pull or an exit scam.

Rug pull is a malicious scheme where developers ditch a project and run away with investors' money. Billy Markus, one of the creators of the dog-themed meme coin Dogecoin tweeted on Wednesday, "600K," which is allegedly the amount estimated that the AcceptCrypto creators made off.

In a statement posted on Twitter, Wallace denied all accusations that he was behind the scheme. He said he was "not entirely sure what happened" and he was "doing everything in his power" to find a solution.

Wallace also said, "Nobody is hiding or running from something and there is likely a logical explanation for what happened." He also blamed the token developers and auditors at Solidity Finance.

He also noted that Solidity Finance must provide a full explanation before "we can decide if we want to move forward as a community with AcceptCrypto." In a separate tweet, Wallace said Solidity Finance "intentionally did it but the issue with the contract was from a team member with Solidity Finance because no changes were."

The tweet was relayed to Solidity Finance by Markus, who asked the smart contract auditor for its reaction to Wallace's pointing the blame at them. In response, Solidity Finance said, "This is disheartening for us to hear since the code works perfectly. We created working code for them, had other senior analysts audit it, and then handed that code over. We have absolutely no control over the project, on-chain or otherwise."

International Business Times tried reaching out to Wallace to get his reaction on the rug pull allegations but he has not yet responded.