Crypto influencer Gainzy's token market cap plummets 99% due to an "accidental click"

According to ChainCatcher, as reported by Protos, crypto influencer Gainzy claimed that he accidentally clicked the "sell" button while fiddling with his phone, causing the market cap of his own Pump Fun token to plummet by 99%. This action caused the market cap of gnzystrm to drop instantly from $4.6 million to $12,000, before rebounding to $2.2 million. Nevertheless, Gainzy personally profited $168,000 during this process.

After the incident, Gainzy posted on X saying that it was an accidental click due to a slip of his hand. He subsequently contacted Pump Fun CEO Alon Cohen, hoping to fix this "rug pull" incident, and emphasized that he was not hacked.

Although Gainzy claimed it was an accident, some observers and crypto security firm Arkham expressed doubts. In an emergency livestream, Gainzy stated that he was working with the Pump Fun team to resolve the issue and would provide updates as more information became available. He also mentioned that he would not publicly announce a buyback plan to avoid being front-run.