The Baby Musk Coin memecoin launched in January, promising to “revolutionize the meme industry”. The coin enjoyed a $2 million ICO the previous month, despite warnings from observers who noticed the coin couldn’t be sold, and who described it as a honeypot. Sure enough, on February 9, the project developers suddenly transferred 1571 BNB out of the project and quickly mixed it using Tornado Cash, earning a tidy profit of around $653,300. The sudden sell-off crashed the coin value to 0, leaving remaining holders with a worthless coin they were unable to sell. Developers took down the project website, Twitter account, and even their “Baby Musk dance video”.

Total loss estimated at $653,300.