Zack may be back but his coin might not be. The cryptocurrency token $ZACK, associated with social media influencer Zack Morris, plummeted by 66.53% on the Poloniex exchange earlier this week.
The token, which had experienced a rapid rise in value over the past few days, recently traded as low as 0.01999 USDT, leaving investors reeling and raising serious questions about the token’s future. Days before the equity had traded as high 0.1185 USDT.
Morris, known for his charismatic online presence and substantial following of 500,000 users, has been at the center of controversy after evading conviction on Securities and Exchange Commission (SEC) charges related to a pump-and-dump scheme. Now, he faces fresh allegations of orchestrating a rug pull with his $ZACK token.
The sharp decline in $ZACK’s value has sparked attention among retail investors. One X user, @SteveUrkelDude, succinctly captured the sentiment with a post saying, “WTF just happened to $ZACK?”
Grizzle Media’s Thomas George also commented on the situation, saying, “Zack Morris evades conviction on SEC pump and dump charges, he then proceeds to rug his 500k followers on his $ZACK token 😂…. can’t make this shit up.”
“It’s not a rug pull”
In response to the accusations, Morris posted an audio message on social media, attempting to downplay the concerns. “Guys ignore the hate. I don’t really give a shit guys. We went from zero to like fuckin 12 cents in a few days. You know, we pulled back… It is not a rug pull. You know, we’re bouncing back, everything else pulled back… We have an amazing community. We’re just getting stronger holders. So guys, we’re just getting started.”
He further posted, “$ZACK We’re in this for the long run. The run up and dip were a blessing for many. We are far from over. Crypto meme is like this and that’s why degens love it. Put enough in not to sweat about. I’m going to share my pot when we pass our goal. Let’s make money and have fun one coin at a time.”
READ: Did Zack Morris Know About Roaring Kitty’s Return?
Morris, legally known as Edward Constantinescu, has a controversial history in the financial world. He gained notoriety as a key figure in the Atlas Trading group, which was implicated in a major stock manipulation scheme. The group was accused of fraudulently earning approximately $100 million through a “pump and dump” operation, manipulating stock prices via social media hype.
In a high-profile case, Morris and his associates were charged with securities fraud. However, the United States District Court dismissed the criminal case without prejudice, allowing the possibility of future prosecution. Despite this, Morris remains a polarizing figure in the crypto community, known for leveraging his significant social media following to promote various investment opportunities, some of which have been accused of being fraudulent.
Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
