Complex memecoin has officially announced the termination of its project, citing concerns over the mental health and well-being of its team members due to recent harassment incidents. The memecoin, minted in the Base blockchain, was shut down by the project developers who communicated the decision and unhappy impact on the team’s mental health due to negative attitude.

This comes after a short time since the coin was launched, which has given a turbulent time for the token holders and the cryptocurrency community participants.

After careful consideration and with heavy hearts, we’ve made the difficult decision to sunset Complex. While this project has been a labor of love and a source of inspiration for our team, recent instances of harassment have created an untenable environment that impacts the…

— Complex (@ComplexBase) April 4, 2024

Project Closure Announcement

The developers of Complex posted a heartfelt goodbye message, signaling the end of their journey with this memecoin. They noted that the project, though a source of inspiration and commitment, could not continue because of a “hostile environment” caused by incidents of harassment.

The statement emphasized the team’s dedication to making mental health a priority and an environment that is respectful and inclusive. Consequently, the project’s native token, SIMPLE, has dropped significantly in value, hitting more than 90% in the last twenty-four hours, causing concerns among investors and the general crypto community.

Community Reaction and Criticism

The closure of Complex has sparked a frenzy of responses on different social media networks, as most users expressed their anger and disappointment. The developers citing the mental health concerns as the reason of the shutdown has been the target of several critics, some of them think this is an insufficient or unconvincing reason. 

This has created a split within the community, with some calling the developers opportunists desisting from the project and its investors in the name of health concerns. On the other hand, some victims seek for help from the likes of ZachXBT, who is one of the blockchain investigators in the space, to find a way out that could be some form of recourse or intervention.

ZachXBT’s Response

ZachXBT, however, has publicly declined to offer assistance to those affected by the Complex project’s shutdown. He explained his position with such an argument that he does not feel right to spend the resources on what he sees as voluntary participation in a high-risk, low-substance investment, memecoins.

no I do not care about your meme coins stop asking me.

— ZachXBT (@zachxbt) April 4, 2024

His reaction highlights a more general distrust of memecoin projects in some parts of the crypto community, which consider them as speculative and unsustainable. While there was an uproar from some users who wanted his assistance, ZachXBT’s position illustrates the difficulty of moving through the wild and unforeseeable world of cryptocurrency investments, particularly those that are popularized through the media and hype as opposed to fundamental value.

Read Also: Anthony Scaramucci Stays Averse to Pro-Crypto Donald Trump’s Second Presidency

The post Memecoin Project “Complex” Shuts Down Amid Mental Health Saga appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am