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The Central African Republic (CAR) recently introduced a national meme coin, CAR, announced by President Faustin-Archange Touadéra. The launch quickly gained attention, not only due to questions surrounding its authenticity but also because a trader reportedly made millions within hours by capitalizing on early market movements following the announcement. Skepticism Mounts Over CAR Meme Coin According to the latest findings by Lookonchain, an investor turned $5,000 into over $12 million within three hours by trading the newly launched CAR tokens. The trader purchased 46.57 million CAR for 25 SOL (which is approximately worth $5,000) immediately after President Faustin-Archange Touadéra posted the contract address. The investor later sold 22.65 million CAR for 8,395 SOL ($1.67 million) while retaining 23.92 million CAR, worth around $10.5 million. The launch of CAR on February 9th has drawn scrutiny, as certain AI-based verification tools initially flagged the president’s video announcement as potentially manipulated. Some analysts suggested the background appeared AI-generated, though others pointed out that automated detection tools have previously misidentified real videos. Speculation also arose regarding the possibility of the president’s social media account being compromised. However, the original post remains live, which makes this claim uncertain. Red Flags in CAR Meme Coin Project Several experts, such as Yokai Ryujin, founder of Unrevealed XYZ, remain unconvinced. In a February 10 post on X, Ryujin also raised concerns about the legitimacy of the meme coin while pointing out that the domain for the project was registered on Namecheap just three days prior, which he argued was not typical of an official government initiative. The exec warned that investors should be cautious and noted that the president claimed the entire token supply was locked through Streamflow but had the ability to cancel, withdraw, and sell tokens at any time. He flagged the project as suspicious while highlighting that the coin was launched at 1 a.m. Central African Time. Following his warning, he reported that developers allegedly canceled the original Streamflow contract, moved the tokens back to their wallets, and then created a new contract while failing to lock the promised amounts. According to Ryujin, they retained approximately $17 million worth of tokens – an amount he suggested could fully drain the project’s $3 million liquidity. He advised investors to remain cautious and avoid being misled by these changes. Shortly after his posts, Namecheap confirmed the suspension of the project’s domain which has further added to the skepticism around the legitimacy of CAR. Meme coins continued to dominate the industry despite pushback as these tokens evolved from internet culture, viral moments, and political figures. Governments are now using them for strategic messaging. In the US, for instance, President Donald Trump’s pre-inauguration meme coin drew scrutiny. The post Investor Profits Millions From CAR Meme Coin While Experts Warn of Potential Scam appeared first on CryptoPotato .
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Nyse files to list and trade Grayscale Cardano ETF under ticker GADA
The potential listing of a Cardano ETF could enhance mainstream crypto adoption, yet regulatory challenges may impede its immediate success. The post Nyse files to list and trade Grayscale Cardano ETF under ticker GADA appeared first on Crypto Briefing . Crypto Potato
CFPB Weakened: Crypto Leaders Applaud as New Leadership Shuts Down Operations
Brian Armstrong and Tyler Winklevoss have celebrated the defanging of the Consumer Financial Protection Bureau (CFPB) following recent actions taken by the agency’s new leadership. Coinbase has reportedly been the subject of more CFPB complaints than any other exchange. CFPB Chief Orders Shutdown The agency’s newly appointed chief, Russell Vought, selected by President Donald Trump, has ordered the closure of its headquarters and directed staff to stop all supervisory efforts. Winklevoss, CEO of Gemini, responded to the development on X by stating, “CFPB Unplugged,” and sharing an image of a 404 error page from the organization’s website. Coinbase CEO Armstrong referred to the move as a “100% the right call.” He criticized the CFPB, saying it is unconstitutional, and argued that even if it were not, it should be eliminated because fraud prosecution falls under the Department of Justice and other financial regulators. He further accused the watchdog of being an activist organization that had caused significant harm to the country. Vought took on the role of acting director of the agency on Friday. Reports indicate that on Saturday, he issued a notice to staff instructing them to “cease all supervision and examination activity.” In a separate post on X, he confirmed that he had informed the Federal Reserve, which funds the CFPB, that the bureau would not be drawing its next round of funding, stating it was not “reasonably necessary” for its operations. Coinbase Faces More Complaints Than Other Exchanges The CFPB is responsible for supervising consumer-facing financial institutions to prevent unfair, deceptive, and abusive practices. The agency reported in July 2023 that its enforcement efforts had returned $17.5 billion to Americans since its founding in response to the 2008 financial crisis. The document also revealed that over four million complaints had been forwarded to companies on behalf of consumers. Coinbase has been the subject of more such complaints when weighed up against other major exchanges serving U.S. customers. A search of the CFPB’s complaint database shows that over 7,600 mention Coinbase, compared to 487 related to Gemini and 297 linked to Kraken. The exchange’s customer service has been a longstanding source of criticism. Consumers have reported difficulties reaching support, encountering account restrictions, and facing unresolved complaints about lost funds. Blockchain detective ZachXBT recently revealed that Coinbase users have lost over $65 million to social engineering scams since December last year. However, the platform has previously addressed these concerns, explaining that the increase in restricted accounts resulted from a surge in new and reactivated users following recent elections in the U.S. The platform has also assured customers that its fraud prevention systems continue to function as intended. The post CFPB Weakened: Crypto Leaders Applaud as New Leadership Shuts Down Operations appeared first on CryptoPotato . Crypto Potato
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