Multimillionaire Businessman's Meme Coin Scam: Defrauded with 80% of the Supply! - Coin Bulletin

Tanzanian businessman Mohammed Dewji made a big hit with the meme coin named TANZANIA that he released to the market.

According to Lookonchain data, it has emerged that Mohammed Dewji, known as one of the richest business people in Tanzania, released a cryptocurrency called TANZANIA and then made a huge profit by causing losses to investors.

According to on-chain data, Dewji distributed 90 Solana (SOL) to 20 different wallets to incentivize investors in the initial stage. At the same time, Dewji purchased 793 million TANZANIA tokens, equivalent to 79.5% of the total supply.

After accumulating a significant amount, he increased investor interest by publicly sharing the smart contract address of the token. However, during this process, he sold all of his TANZANIA and made a profit of approximately 1.5 million dollars with 7,373 SOL (.

The net profit from this sale is calculated as 7,283 SOL )1.48 million dollars(.

This event, likened to the tactic known as "rug pull" in the crypto market, caused significant losses for investors.

After these transactions, it is stated that Dewji did not make any statements, while market experts warned investors to be cautious about newly emerging tokens.