The launch of the KIKI token is in jeopardy after reports revealed that a group of insiders led by Jay Ha, known online as "Kokoro," manipulated the process, resulting in over $3 million in investor losses.
Insider Scheme of KIKI Launch
The main actor behind this scheme is Jay Ha, who assembled a team that included JayC, Shytoshi, Todor, and Jelly. Ha claimed he paid $360,000 for KIKI's IP, but this figure was exposed as false. The real seller, Bryan, stated that the deal was only $20,000, and there were no receipts.
Fake Deals and Lack of Accountability
Before the launch, Ha leaked the ticker and schedule to Filipino and Korean KOLs, allowing bots and snipers to manipulate the launch. Over 15 fake KIKI tokens appeared on Pump.fun. The real token was forced to delay its launch by a week, and by then, the whole scheme was compromised. One former team member noted that "KIKI's ticker and internal info were already out before we even pressed go."
Conclusion and Consequences
Ha operated under the fake name "Kokoro" to avoid accountability. While pretending to be hands-off, he was in control of deals, wallets, and communications. Even JayC (the project's original CEO) said, "Nobody could hold him accountable because nobody knew who he really was."
The situation surrounding the KIKI token launch highlights the risks and shortcomings in the regulation of the cryptocurrency industry, emphasizing the need for stricter checks to protect investors from fraudulent schemes.
