Odaily Planet Daily News The launch of the Meme token Pond0x (PNDX) caused investors to lose millions of dollars. On July 28, the anonymous founder of Not Larva Labs "Pauly" announced the launch of PNDX.
At one point, the PNDX price hit $0.36 before falling to near zero within five minutes, according to Maestrobots trading app data.
Some users bought the token on Uniswap through robo-trading apps like Maestrobots or TeamUnibot, driving up its price. Meanwhile, other users use the web app to mint tokens and sell them on the market for a profit.
Memecoin holder RuneCrypto pointed out that the Pond0x development team allegedly mishandled the issuance of tokens, causing investors to lose up to $2.2 million.
Another user said that PNDX's transfer function was flawed, allowing users to transfer money from any other user. On-chain data shows that the token’s transfer function is unusual. Instead of including the line of code that updates the user's balance, it calls a separate "brutalized_" function. (Cointelegraph)