The developer’s claim of gambling addiction was criticized on Reddit as a “weird way to rug,” as projects often just disappear and erase all evidence.
A developer of the Encryption AI project reportedly issued a strange farewell statement, apologizing and attributing the project’s worth drop from $2 million to $20,000 in a matter of minutes to his online gambling addiction.
Investors in the Encryption AI project said that the developer pulled a rug out from under them during a liquidity migration event, which caused the token, 0XENCRYPT, to plunge sharply from about $2.05 to an all-time low of $0.02. CoinGecko noticed this substantial price drop around July 2nd.
Instead of pulling a standard rug, the developer opted to leave a note for the residents of the development, apologizing for his acts and blaming them on his gambling addiction. The developer vanished and removed all social media accounts connected to the project after the rug was pulled out from under him.
Investors posted photos of the developer’s social media message, in which he admitted to losing $300,000 at online casinos and discussed his gambling issues. The developer promised to make every attempt to improve himself, even if he could not promise making reparations or relaunching the project.
Community members were outraged by the rug pull; some wished for the developer to receive bad luck, while others called it the worst birthday present ever and an odd way to end a rug pull. Crypto Daddi, a Twitter user, bemoaned losing almost $30,000 on his birthday after placing his trust in the project’s developers.
The developer’s decision to leave a lengthy statement was seen odd by the Reddit community because rug-pulling developers frequently disappear without a trace. This out-of-the-ordinary behavior gave the situation an additional dimension of fascination and sparked more conversation among individuals who were impacted by the rug pull.