Mario Nawfal accused of $7 million fraud with meme coin ROSS Token

Crypto entrepreneur Mario Nawfal faces allegations of orchestrating a meme coin rug pull related to popular streamer Adin Ross.

The controversy erupted after Nawfal's account, @RoundtableSpace, posted about an alleged collaboration with Ross to launch a Solana-based token, ROSS. The post was quickly deleted, raising suspicions of fraudulent activity.

Mario Nawfal Accused of Orchestrating $7 Million Rug Pull

On Tuesday, @RoundtableSpace announced the launch of ROSS, claiming Adin Ross was supporting the project. The tweet contained a contract address, seemingly legitimizing the meme coin. However, within 20 minutes, the post was deleted, immediately sparking skepticism in the crypto community.

Twitter user @cryptolyxe uncovered the incident. The user accused Nawfal of falsely claiming a partnership with Ross to drive up the token's value. Cryptolyxe provided screenshots showing the original tweet and a price chart depicting an 82.72% price drop, indicating a rug pull.

A rug pull occurs when initial promoters artificially inflate a token's value before abandoning it, leaving investors with worthless assets. According to cryptolyxe, the token's market capitalization had surged to $7 million before plummeting to 0.

"So Mario Nawfal just posted a fake collab with Adin Ross for a memecoin, then rug the coin from $7M to 0, and deleted all tweets... bruh," cryptolyxe commented.

Following the incident, @RoundtableSpace issued a series of statements denying any wrongdoing. They claimed that an unauthorized individual from their team, @hardsnipe, was responsible for the token post without approval.

Nawfal's team asserted that they had acted quickly to remove the post and clarify that there was no official collaboration with Adin Ross. Nawfal later alleged that his account had been compromised.

"Someone accessed both this account and Crypto Town Hall and posted a fake CA yesterday and today," Nawfal stated.

He further clarified that after discovering the breach, access had been revoked. They had also changed the password to prevent any unauthorized posts.

Growing Concerns over Meme Coin Rug Pulls

Despite Nawfal's explanations, many in the crypto community remain unconvinced. Several users, including @nftkeano, have pointed to Nawfal's history of promoting questionable crypto projects, raising doubts about whether this was an accident or a deliberate scam.

"This is literally your 3rd rug this month..." Keano noted.

Adding to the controversy, Adin Ross's team has denied any involvement with the token. Chat logs suggest internal confusion about Ross's participation, reinforcing the claim that the collaboration was never real.

While Nawfal's team claims the ROSS meme coin post was an unauthorized mistake by a team member, the crypto community remains highly skeptical. The swift deletion of the tweet and the sudden collapse of the token's value raise many questions. Nawfal's history of controversies also does not work in his favor, leading many to question the true nature of this event.

Whether this was a genuine mistake or a deliberate scam, the incident reflects the ongoing risks in the crypto space.

Three weeks ago, rumors spread about the sale of Kanye West's X account. The new alleged owners were said to have used it to promote the Barkmeta meme coin, raising concerns about a potential meme coin rug pull.

This has raised questions about celebrity involvement in crypto scams. Meanwhile, Barstool Sports founder Dave Portnoy faced backlash over allegations that he orchestrated a GREED rug pull.

After promoting the coin, Portnoy was accused of selling a significant portion of his holdings, leading to a price collapse that left investors in losses.

Additionally, reports have indicated that the individuals behind the LIBRA meme coin have been linked to other controversial projects, including MELANIA coin, which also faced rug pull allegations.

The increasing trend of rug pulls highlights the risks investors face when purchasing tokens associated with celebrities or influencers.

Data on GeckoTerminal shows that ROSS has dropped over 95% in the past 24 hours and is trading around its floor price.