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Solana network-based Piggy Token founders scammed investors

coinroom exchange scam

A crypto X user noted that Piggy token founders successfully scammed Piggy token investors.

Piggy token is a Solana network-based token. This meme token project was founded by Layah Helipern, the host of the Layah Helipern YouTube channel.
Initially, they raised more than $428k worth of Solana (Sol) for the launch of the Piggy token. In short, they raised this amount via the pre-sale of Piggy tokens.

A Crypto X (Twitter) user Kara Szabo reported that Layah Helipern & her brother successfully scammed people, as the trade price of this token crashed from 0.025 Sol to 0.0006 Sol.

X user noted that the Piggy token became useless just after the launch, in short Piggy token was a rug pull scam.

Another example of a major rug by @LayahHeilpern and her brother. They raised almost a half million dollars, and launched this Piggy Token on SOL which immediately was worthless. I think Layah has a house in Florida? Time to get the US authorities involved. pic.twitter.com/8OlpyOTjx6

— Kara Szabo (@kararesurrect) May 5, 2024

Some X users noted that Piggy token founders are from the US but still, they conducted this level of scam. On one side they raised funds for the token launch, which is against the US Securities Act, and secondly, they played against investors’ money.

Yeah she is fucked.

— Kara Szabo (@kararesurrect) May 5, 2024

It is worth it to note that Layah Helipern has a total of 481k subscribers on YouTube and it is very easy for her to drag innocent investors under any kind of scam easily.

Here this is not a single case, where a crypto influencer launched a new token & rugged customers’ funds, earlier similar kinds of incidents happened almost daily in the last couple of months, amid the Sol meme token trend.

https://t.co/AnMTggQf05#Scammers Are Actively Conducting Fraud Using The “#Solana Meme Token Trend”

— Bitcoinik (@Bitcoinikdotcom) March 19, 2024

Over the last couple of years, the United States Securities and Exchange Commission (SEC) has shown very strict action against all the crypto companies, including good actors, but unfortunately, they failed to bring any strict rules & restrictions against those crypto influencers who are misusing their influence to scam crypto investors easily.

Read also: US Congressman criticises SEC Chair over SEC’s potential legal action against Robinhood (HOOD)

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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