{"id":470736,"date":"2022-07-05T14:22:08","date_gmt":"2022-07-05T11:22:08","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bollywood-a-lister-backed-gari-token-plunge-sparks-rug-pull-rumors\/"},"modified":"2022-07-05T14:22:08","modified_gmt":"2022-07-05T11:22:08","slug":"bollywood-a-lister-backed-gari-token-plunge-sparks-rug-pull-rumors","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bollywood-a-lister-backed-gari-token-plunge-sparks-rug-pull-rumors\/","title":{"rendered":"# Bollywood A-lister-backed GARI token plunge sparks rug pull rumors"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3ec5fe28bc1\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3ec5fe28bc1\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bollywood-a-lister-backed-gari-token-plunge-sparks-rug-pull-rumors\/#%E2%80%9D_Bollywood_A-lister-backed_GARI_token_plunge_sparks_rug_pull_rumors_%E2%80%9C\" >&#8221; Bollywood A-lister-backed GARI token plunge sparks rug pull rumors &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bollywood_A-lister-backed_GARI_token_plunge_sparks_rug_pull_rumors_%E2%80%9C\"><\/span>&#8221; Bollywood A-lister-backed GARI token plunge sparks rug pull rumors &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>The domino effect of the 2022 bear market, which saw the downfall of numerous crypto ecosystems and tokens over several months, caught up to GARI token as it tanked over 83% in value in a matter of hours on June 4. While GARI Network brushed off the development as a \u201cmarket event,\u201d investors suspect a rug pull event.\u00a0<\/p>\n<p>GARI token was launched by Salman Khan, an A-list celebrity from Bollywood, with an aim to help Indian creators monetize their content over a short video <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lication Chingari and its nonfungible token (NFT) marketplace. Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/in.tradingview.com\/symbols\/GARIUSDT\/?exchange=KUCOIN\">Trading View<\/a> show that GARI maintained a fairly steady value, averaging out to roughly $0.6 over the past six months amid a shaky market.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/0e72710c-4bdc-413a-9437-4ffa049a79fb.png\"><\/figure>\n<p>GARI\u2019s bearish movement began on June 20, however, its long-standing support gave away on June 4 when the token crashed 83.29% to its all-time lowest trading value of $0.13. Soon after, investors started comparing the situation to the Terra (LUNA) and TerraUSD (UST) collapse, with one of the members <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ABDEVEL17\/status\/1544008362806747136?s=20&amp;t=xhMVX-pij3MI70HpUs2JaQ\">calling<\/a> the actor \u201cSalman Kwon.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/kucoin?src=hash&amp;ref_src=twsrc%5Etfw\">#kucoin<\/a> is the Big Whale who is dumping <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Gari?src=hash&amp;ref_src=twsrc%5Etfw\">#Gari<\/a> they are big investor. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/kucoin?src=hash&amp;ref_src=twsrc%5Etfw\">#kucoin<\/a> gari price is $0.029 while other exchange have average $0.10 be careful from kucoin guys   <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/KuCoin?src=hash&amp;ref_src=twsrc%5Etfw\">#KuCoin<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/SalmanKhan?src=hash&amp;ref_src=twsrc%5Etfw\">#SalmanKhan<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/gari?src=hash&amp;ref_src=twsrc%5Etfw\">#gari<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/chingari?src=hash&amp;ref_src=twsrc%5Etfw\">#chingari<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/cryptocurrencies?src=hash&amp;ref_src=twsrc%5Etfw\">#cryptocurrencies<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/scam?src=hash&amp;ref_src=twsrc%5Etfw\">#scam<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/EeohogM4EY\">pic.twitter.com\/EeohogM4EY<\/a><\/p>\n<p>\u2014 Ashish Gautam(Money Guru Digital) (@Moneygurudigi) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Moneygurudigi\/status\/1544008410194415616?ref_src=twsrc%5Etfw\">July 4, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Taking control of the situation, GARI Network conducted an internal evaluation and found no evident hacks that could topple the token\u2019s prices, stating:<\/p>\n<blockquote><p>\u201cSo far this looks like a market event. We assure our community that ALL tokens are safe in the respective reserves.\u201d<\/p><\/blockquote>\n<p>The team also revealed being in talks with Indian crypto exchanges to further assess the situation. Additionally, GARI network also planned to host an AMA session to clarify doubts and improve investor sentiment. However, the spectators were welcomed by a 404 error when they tried to join the session.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Link not working<\/p>\n<p>\u2014 Ran NeuNer (@cryptomanran) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cryptomanran\/status\/1544199428382380034?ref_src=twsrc%5Etfw\">July 5, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>While previously speaking to Cointelegraph, Chingari&#8217;s spokesperson said that the GARI tokens are used to \u201cconnect and transact with their counterparties, place governance votes, and catalyze platform engagement and user base growth.&#8221; Considering that not even the backing of an A-list celebrity from Bollywood could save GARI token from the wrath of the bear market, investors are advised to make informed investments upon due diligence, in other words, do your own research (DYOR).<\/p>\n<p>GARI Network has not yet responded to Cointelegraph&#8217;s request for comment.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Indian crypto trading volumes slump following hefty taxes<\/em><\/strong><\/p>\n<p>Soon after India enforced its new crypto tax law, which requires investors to pay a 1% tax deduction at source (TDS) on every transaction, crypto exchanges reported a massive slump in trading volumes.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Indian Crypto exchange&#8217;s trading volume have plunged by 90-95% , 3 months after new crypto laws became applicable. <\/p>\n<p>Based on current volumes &#8211; Exchanges are only able to generate trading fee revenue of $1000 to $3000 Max.<\/p>\n<p>Bitbns seems to be still doing well.<\/p>\n<p>Tough times ahead. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/KNDbea9BCn\">pic.twitter.com\/KNDbea9BCn<\/a><\/p>\n<p>\u2014 Crypto India  (@CryptooIndia) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptooIndia\/status\/1543884371395891206?ref_src=twsrc%5Etfw\">July 4, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>CoinDCX, India\u2019s first crypto unicorn reported a 90.9% decline in daily trading volumes while crypto exchange BitBNS witnessed a 37.4% drop.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bollywood-a-lister-backed-gari-token-plunge-sparks-rug-pull-rumors\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bollywood A-lister-backed GARI token plunge sparks rug pull rumors &#8220; The domino effect of the 2022 bear market, which saw the downfall of numerous crypto ecosystems and tokens over several months, caught up to GARI token as it tanked over 83% in value in a matter of hours on June 4. While GARI Network&#8230;<\/p>\n","protected":false},"author":1,"featured_media":470737,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvZWZjZWZmMTMtYTEzMi00ZDMxLTk1ZWItM2VkNTcyY2FmNDcxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,77310,74892,117,17318,73157],"class_list":["post-470736","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-indian-crypto","tag-tokens","tag-business","tag-india","tag-investigation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/470736","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=470736"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/470736\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/470737"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=470736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=470736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=470736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}