AI firm Montra Finance claims that the entire team behind its recently-launched MONTRA token has been drafted to fight in the war against the US and Israel and as a result, it has been forced to abandon the project.
The firm made the announcement via X on Wednesday and the account was later deleted. The Montra Finance website now displays a 404 error page.
MONTRA’s market cap subsequently dropped 80% from $100,000 to roughly $20,000, and the project’s volume across the last six hours was just $1,200.
Montra pitched itself as “autonomous quant trading on Base” and launched its token on February 25. It reached a market cap of $700,000 by the following day, but performed poorly from then on.
All this has led many to believe that the project was nothing more than a creative rug pull or exit scam.
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One crypto user said, “Having a hard time deciding whether this, or the dev that died and came back alive and died again was a better rug excuse 🤣.”
Another noted that the website was “vibe-coded” using the Loveable AI coding website. “What would you expect? lool,” they added.
One potential investor noted days ago that the Montra Finance site wouldn’t let them connect their wallet and that they “need further validation to invest… sketchy for now.”
The Montra team appear to be taking advantage of the ongoing US-Israel war against Iran, which has now entered its sixth day.
The conflict has led to a surge of outflows from Iran’s biggest crypto exchange, Nobitex, and caused a flurry of bets on prediction platform Polymarket that have raised insider trading red flags.
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Source: https://protos.com/crypto-devs-accused-of-rug-pull-blame-iran-draft-for-abandoning-project/