Popular Internet Computer token ICP, created by a company that says it’s on a mission to build an extension of the internet on the blockchain and reverse big tech monopolization, has lost about 95 percent of its value since it went live at around $630 on May 10, prompting accusations that it was a scam and was rug pulled.
Dfinity, the company developing the Internet Computer idea, sold 90 million tokens in recent weeks. “For some, this is a sign of the Internet Computer turning into another scam project, even though it doesn’t necessarily have to be. All new altcoins lose massive value after their first few days, and ICP is no different,” Cryptomode reported.
ICP was trading at $28.71 on June 26 and at $49.72 as of this writing.
“Always beware of the Silicon Valley guys offering a revolutionary new crypto product that’s in production,” said Edwin Smith, a private crypto investor and early adopter in the crypto space,…