The “panda revolution” of the cryptocurrency industry was how it was marketed. With its smiling mascot, viral online excitement, and AI-powered investment, the meme coin Bao Bao Panda said that it would transform fortunes “one paw-step at a time.” Instead, it left an Indian businessman in Dubai with a $600,491 (Dh2.2 million) hole in his account and led to a fraud that Dubai Police are currently looking into.
The case specifics are verified by a police certificate that was given to the public prosecutor and given to the merchant. Investigators discovered that the accused violated federal virtual asset rules and anti-money laundering legislation by not having a license to trade digital assets in the United Arab Emirates. The suspect allegedly left the country in April, and authorities have released a circular to find them.
The suspect reportedly maintained the front for almost four months following the token’s introduction by promising listings on significant exchanges, exchanging updates, and talking about marketing strategies. The businessman claims that behind the scenes, he encouraged others to invest and then withdrew his own shares from anonymous wallets whenever prices increased.
Meme coins, such as Dogecoin and Shiba Inu, are cryptocurrencies that are based on online jokes or trends and usually have no practical use. They are easy targets for fraud and speculation since their worth is solely based on hype.
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