Dogecoin Influencer Matt Wallace's New Token Crashes 99% Amid Allegations Of Exit Scam

A token created by popular Dogecoin (CRYPTO: DOGE) influencer Matt Wallace lost 99.9% of its value minutes after being launched.

What Happened: On Tuesday, Wallace and fellow YouTuber Myles G launched AcceptCrypto (CRYPTO: ACEPT), which saw its value plummet to zero after seeing a 12,000% surge.

And he had the audacity to tweet this lol pic.twitter.com/VOipaYKBEq

— zachxbt (@zachxbt) March 30, 2022

The token’s investors were in disarray amid influencers posting on social media that the project's insiders had likely orchestrated an exit scam — essentially removing all liquidity by cashing out and dumping on new investors.

600k usd

— Shibetoshi Nakamoto (@BillyM2k) March 30, 2022

Users estimated that the token’s creators made off with as much as 200 Ethereum (CRYPTO: ETH), worth $600,000 at the time.

Wallace denied all accusations that he was behind the pump and dump scheme.  In a statement posted to Twitter Inc (NYSE: TWTR), the Dogecoin influencer said he was “not entirely sure what happened” and he was “doing everything in his power” to find a solution.

pic.twitter.com/klU7bheJOf

— Matt Wallace (@MattWallace888) March 30, 2022

Wallace, instead, pointed his finger at token’s developers and auditors at Solidity Finance.

I don’t think they intentionally did it but the issue with the contract was from a team member with Solidiity Finance because no changes were.

Doing everything in my power to figure this out and find a solution and it is very bad that happened.

— Matt Wallace (@MattWallace888) March 30, 2022

“This is disheartening for us to hear since the code works perfectly. We created working code for them, had other Sr. Analysts audit it, and then handed that code over,” stated Solidity Finance.

“We have absolutely no control over the project, on-chain or otherwise.”

Earlier this month, Wallace attempted to release a token called “Accept Dogecoin,” with the supposed goal of raising funds to encourage businesses to accept DOGE as payment.

The token was renamed “Accept Crypto” after Dogecoin co-creator Billy Markus and the Dogecoin Foundation threatened to sue Wallace for trademark violation.