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US Rapper Loses $500,000 Trading Meme Coins

US songwriter and rapper Ty Dolla $ign made a grand entry into the world of cryptocurrencies for all the wrong reasons. His first inroads into meme coins hit a dead end as he lost close to $500,000 for a costly mistake. The mistake was transferring his coins to the token’s contract address instead of his cryptocurrency wallet.

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How The Ordeal Went Down

Source: Billboard

Purchase Of SUNDOG Tokens

So here’s how the ordeal went down: Rapper Ty Dolla $ign purchased 1.66 million tokens of the meme coin SUNDOG. He purchased SUNDOG tokens for $499,780 and accumulated the tokens. However, instead of moving the meme coins to his wallet address, he sent them to the contract address of SUNDOG.

Mistakenly Sending To Burn Address

In other words, he mistakenly sent the meme coins to SUNDOG’s burn address and the tokens ended up in the deal wallet. Once tokens are sent to the dead wallet and burned, there is no chance of retrieving it. The mistake was so costly that he ended up losing $409,000 through the ordeal.

Ser… did you really just burn your bag?

You sent it to the contract address@justinsuntron blz help

— SunDog (@SUNDOG_TRX) October 8, 2024

In no surprise, the meme coins did not reflect in his cryptocurrency wallet and the rapper took to Twitter to address the Tron founder Justin Sun. “Yo, where my $SUNDOG at? I sent it to my TRX address and it ain’t showing???” he tweeted. SUNDOG is a meme coin which runs on the Tron network.

Also Read: Crypto Scandal: Russia’s ‘Crypto Queen’ Caught with $70 Million in Suitcases

Meme Coins: US Rapper Gets Saved By Tron Founder Justin Sun

Source: Ethereum World News

Justin Sun’s Support

Not everybody has the luck of getting their money back after their meme coins are sent to the dead wallet. Rapper Ty Dolla $ign is among the lucky ones as Justin Sun came to his rescue. In a show of support, Sun sent the rapper 3.2 million TRX tokens, which is equivalent to $500,000 in value.

Also Read: Ethereum (ETH) Predicted To Hit A New Peak Of $6,000

Don’t worry, I’ve got you covered. Sent you $500K TRX so you can get back in the game. https://t.co/9v3XwctGli https://t.co/TGV8wTUaU8

— H.E. Justin Sun(hiring) (@justinsuntron) October 8, 2024

Celebrities Vs. Average Investors

“Don’t worry, I’ve got you covered. Sent you $500K TRX so you can get back in the game,” tweeted Sun. This shows that celebrities stand a chance of getting their money back from silly mistakes and not the average investors. There is no count of how much money ordinary investors have lost with this mistake of trading meme coins. Their voices are not heard by anyone in the cryptocurrency industry.

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