Crypto’s Most Pointless Scam

本站添加: 2026-05-18

[00:00:00]This might be the dumbest crypto rugpull that I've ever seen. Over the weekend, an Algarand coin called I get Algo or IGA appears to have rugpulled for roughly $11,000.

[00:00:14]That's not $110,000. It's not 11 million. It's around 11 grand. And the wildest part is the person accused of rug pulling was not some anonymous throwaway scammer. It was someone who built a name in the Algoran community.

[00:00:29]It was someone who criticized the Algrand Foundation from time to time and then allegedly burned years of credibility of what amounts to a used car payment. Dude rugged his community for like a used Toyota Corolla. Now, I want to be clear about something. I get Algo was the creator who did the original onchain saloo thing for my video about World Chess and Algarand Foundation. And you can see it up here.

[00:00:54]And while what he did was obviously wrong, he was not wrong about this particular situation. And in fact, he backed it with onchain evidence. But what he did do wrong is build build a community in Algarand, then rugpull it for what amounts to a used car payment.

[00:01:12]And that means he's basically done in crypto because this is going to come back to haunt him anytime he shows up again. Now, I want to be clear that I hold a decent amount of Algoran, but I don't hold any I get Algo, nor have I ever or obviously will I ever. And based on the amount of liquidity he actually pulled out, it sounds like not many people actually did or if they did, they didn't buy too much of it. But let's back up a little. What was I Get Algo?

[00:01:39]Well, here is what he promised through the web page. Now, like many of his accounts, the original ig getalgo.com web page is completely erased. It is gone from the internet. So is his ex account, his Discord, his Instagram, all gone. But we were able to reconstruct what the original page said. So let me read this. Launched in December 2024 on the lightning fast algorithm blockchain, IGA is an educational experiment proving that value trumps quantity every time.

[00:02:09]Apparently that value is the money he was going to extract out of it.

[00:02:13]Allegedly he says fixed supply 33 whole tokens divisibility each token divisible into one mil 1 million micro slices and that's down to about 0.0000001.

[00:02:26]I might have missed a zero in there.

[00:02:28]Don't hate me. Uh the purpose was to teach scarcity supply and demand and value over volume. Apparently scarcity was what he was going to become once he rugpulled the community. Allegedly, over the weekend, users noticed that the price dropped to the floor. Meanwhile, IG's Discord, XProfile, Instagram, and website all went dark. Now, I was one of the first people to report on the collapse over the weekend. Here's what some people had to say. My original tweet was, "I guess the experiment was over." And what did I mean? What I meant was he said, "An experiment in supply and demand." That was the description on his original coin on the Vstige page.

[00:03:08]Only on Algo do you spend years building a following says her roof and then sell it out for $115,000 years. Chuck and he makes a claim for Dorfi. I said absolutely crazy. Such a small amount to burn bridges over allegedly. Here's the original transaction that that imigital.go brought out. Apparently he this is where we're getting it was it was a little under 11,000. So there's been some different claims. He removed 85,000 of liquidity. Somehow it ended up being about I I don't know if it was the full amount, but apparently that was the final transaction. Ended up being about $10,700.

[00:03:47]And to better days, UFC is on. Someone said, "You are right." And Kay was the one who pointed out that he deactivated his accounts and there were a lot of them. He was on Instagram on X and he was one of the more uh vocal people on X, often a critic of the Algoran Foundation. I can't say I always disagreed with him, but as I said, let's see. Chim Trillian says he is a scammer.

[00:04:09]When Algo starts doing well, he gets sour and sells all his coins. He drove up the price of his own. I'm not going to repeat that here, but making a little uh possibly insult. I said I found him pretty off-putting, and he was. So, I should share my personal anecdote with him. Here's the thing. I think he was right a lot of times about his criticisms of the foundation, but I found him uh I found him someone who like wasn't open to feedback. I was on a space with him and he started giving a critique of what I was saying, which is fine. But then he just gish galloped on and on and on just holding the floor and he went on for like 15 minutes and like wouldn't let anybody talk. He just kept dominating the space stuff, you know? I I probably should have just interrupted him, but eventually I just left the space and I I just found him so irritating from that standpoint. So, honestly, I'm kind of not super upset that he's gone. Um, interesting. Here says, "Still got a bunch. What is my board member NFT worth? I like the experiment. Still like the idea. Won't sell them anyway." Um, interesting. But he is rugged out. So, we'll see. There there have been there have been times when uh community has taken over a coin and it's it's come back. But if we look at the value here, it dropped from $350 down to in a pretty short time down to about $16 where it sits today. Now, some people might say, "Hey, if there's a community come back and there's still a number of holders, maybe it makes sense to buy in at this low price and then start working your way back up." Cuz that's a possibility. I did that with the Nugget token and made a little profit, a teeny tiny profit, but it it can happen. Interesting that there are no recent swaps, but I think it's showing my swaps. Uh, it'd be interesting to see all the swaps. Pretty much the rest of the comments went something like that. No, there wasn't anybody in the comments who was defending his actions because a rugpull is super annoying. It's already pretty pathetic, but to do that over such a small amount of money seems like absolutely crazy. But what lessons can we learn from this? Well, for one, I would be very cautious about ASAs. First off, I would only put a small amount of money in. Absolutely put an amount in that you are comfortable losing. In other words, say if I put $10 in, I'm assuming that $10 is basically gone.

[00:06:28]That's the best way to think about ASA is because this stuff is so easy to use.

[00:06:32]And I want to point something out, too.

[00:06:34]I get Algo went through Rug Ninja, which is supposed to prevent against rugs. uh apparently that didn't happen or or it was enough in the future that that mechanism no longer really applied. So you have to be really careful even for the ASAs that are around major projects and that's mostly what I would stick with. You have to be very very careful about this stuff. I would stick personally with higher cap coins on the coin 100 and layer ones or coins that are the main coin, not subcoins. When you get into subcoins, treat them as very volatile assets and they're basically a gamble. So, you limit your downside by not putting that much in the first place and then you can have potential upside and if you lose, well, hey, I only lost a little bit. That's really the best way to approach ASAs is treat them that way. So, that's the lesson we can learn from this. And it doesn't really matter. The creator sounded like someone who, you know, tried to he was very he was very intelligent person. He obviously understood. Um, a lot of his critiques of the foundation I thought were actually pretty valid. Sometimes he was a little much. And of course, I had my own personal beast with him, but that doesn't mean you can't learn from someone just cuz you don't like them.

[00:07:45]Anyway, I'm Frugal BC. I hope you got something out of this video. Uh, be sure to hit the like and subscribe button.

[00:07:51]Now, it doesn't you don't have to smash it. As I always say, you can just press it gently and it works just that way, too. Also, if you think this video was crazy, check out this next one, which is super wild. and I will see you in the future.