Is Brain Jotter’s Coin a Scam? $Jota Crashes Hours After Launch

The $Jota Coin launched by Chukwuebuka Amuzie, widely known as Brain Jotter, was surrounded by excitement and buzz on its release day, September 1st. Unfortunately, the celebration was short-lived. 

Just hours after its debut on the TON network, reports flooded about the coin’s crash. The rapid collapse of this highly anticipated crypto project has ignited a flurry of discussions and accusations, particularly concerning the possibility of a “rug pull.”

What Happened with $Jota Coin?

Brain Jotter, a popular skit maker, ventured into the cryptocurrency world with the launch of $Jota Coin, hoping to capitalize on the TON blockchain’s capabilities. 

TON, known for supporting fast transactions and high scalability, seemed like a promising platform for this new token. However, the initial excitement quickly turned into disappointment as the coin’s value plummeted within hours of its launch. 

This sudden crash has left many investors questioning the project’s integrity, with widespread accusations suggesting that the developers might have pulled out, leaving the coin to fail.

How the Rug Pull Accusations Surface

In the crypto world, a “rug pull” refers to the act where developers abruptly remove all the invested funds from a project, rendering the tokens worthless. This practice is not new and has been a recurring theme in many failed crypto ventures, often leaving investors with significant losses. 

Many wondered if the swift downfall of $Jota Coin was another case of such fraudulent activity, especially given its association with a high-profile figure like Brain Jotter.

How celebrities influenced the coin

The involvement of celebrities in endorsing crypto projects has become a double-edged sword. While their influence can bring much-needed attention to new initiatives, it also raises the risk of scams. 

The allure of quick profits and the backing of a public figure can sometimes blind investors to the realities of the project’s viability. Brain Jotter’s $Jota Coin is just the latest in a series of celebrity-endorsed crypto ventures that have faced scrutiny and criticism following their collapse.

How the public reacted

The crypto community has reacted vocally to the $Jota Coin’s crash. Platforms like X (formerly Twitter) have seen a mix of mockery and genuine concern from users and crypto analysts alike. 

Notable posts include one from CryptoPidgin Analyst, who humorously compared the longevity of $Jota Coin to other celebrity-associated crypto projects that also faced quick demises. 

Meanwhile, calls for better regulation in the cryptocurrency market are growing louder, with experts like Malik Olabiyi advocating for more thorough vetting processes to protect investors from similar occurrences in the future.

Other Celebrities who owned a coin

Afrobeats icon Adeleke David, widely recognized as Davido, ventured into the cryptocurrency realm by launching his own token, $DAVIDO, in May. He took to X.com to rally potential users, teasing upcoming developments with an invitation: “Join the community $DAVIDO! More spaces coming soon and you’ll be REALLY excited by who we got coming up next! @davidotoken_sol.”

However, Davido’s involvement in the digital currency sector hasn’t been without controversy. Back in 2021, he was embroiled in a scandal involving Racksterli, a Ponzi scheme he had promoted to his followers through videos on his social media channels. 

These videos were subsequently deleted. He assured his audience at the time, “I wanna introduce you guys to one of the biggest investment platforms in Nigeria. There are a lot of opportunities over there… It has been very reliable for the past six months. We’ve had great recommendations.

Similarly, comedian Oluwadolarz Ogunleye Babatunde Olamide also endorsed Racksterli in 2021. This scheme ultimately led to significant financial losses for many who invested based on his promotion.