Bollywood A-lister backed Gari token's plunge sparks rug pull rumours
The GARI token was designed to help Indian creators monetise their content via the short video application Chingari
By Shashank Bhardwaj
GARI token, the native token of the Chingari platform, lost over 83 percent of its value in a few hours on Monday. While the GARI Network dismissed this development as a “market event”, investors believe it to be a rug-pull. The token was launched by Bollywood A-lister Salman Khan to help creators monetise their content via the video streaming Chingari app and its NFT marketplace.
The current bear market has brought about the downfall of multiple crypto ecosystems and tokens over the past few months. GARI token seems one of the many that have fallen prey to the current bear market.
Investors quickly began comparing the scenario to the Terra (LUNA), renamed Terra Classic (LUNC), and TerraUSD (UST) collapses, with one member referring to the actor as "Salman Kwon”.
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