- Geoffrey Woo says the memecoin has “zero rug-pull risk.”
- ZachXBT points to the Paul team’s past failures and doubts the promise.
The closest business partner of Jake Paul is under fire after claiming the new AI-themed memecoin has a 0% rug pull risk. The statement from him immediately brings criticism from the blockchain sleuth ZachXBT, who argues that such claims are just unrealistic.
What promise did the founder make?
Geoffrey Woo, who was the founder of Token and a longtime associate of Jake Paul, said that investors shouldn’t worry about the founder’s exit, as he is already financially successful, and he claims that he has no reason to dump tokens. In addition, he has promised to announce in advance if insider wallets plan to sell.
Image source: https://x.com/geoffreywoo/status/2022159799648137717
Critics say that trust is difficult because of Paul’s circle, connected to the past projects. Several earlier tokens, like CryptoZoo and Dink Doink, lost over 99% of their value from the peak prices. Many media outlets have described some of the promotions as resembling a rug pull. Because of this history in crypto tokens, investigators argue bold guarantees are unrealistic.
ZachXBT further suggested that the insider wallets may have already sold tokens and also highlighted that several swaps appeared to involve moving the memecoin into the digital assets. According to the researcher, those transactions could conflict with Woo’s public promise.
Woo is basically a workday with Jake Paul on multiple businesses, like an investment firm, and collaborating on consumer brands. Due to this, critics say investors will naturally connect the new token to the earlier controversies. This incident shows that founders try to build confidence, but traders remember the previous losses. Right now, Woo maintains that the project is safe, but even the strong promises can quickly unravel.
Highlighted Crypto News:
Russia Weighs Stablecoin Shift Amid Policy Rethink
Source: https://thenewscrypto.com/jake-paul-associate-claims-zero-rug-pull-risk-for-new-memecoin-analysts-push-back/
