According to an announcement by the U.S. Department of Justice on October 7, Meme coin Kishu Inu founder Alexander Sisemore (aka Kishu Man) has been indicted by a federal grand jury in Chicago on three counts of wire fraud for allegedly orchestrating a $9 million rug pull scam. Prosecutors allege that prior to Kishu Inu's launch in 2021, Sisemore and another co-founder secretly acquired approximately 6% of the token supply, while falsely claiming to investors that the project was fairly launched with no tokens reserved for the team. The two then secretly sold off the tokens, profiting approximately $9 million and $800,000 respectively. Kishu Inu's market cap once exceeded $1.6 billion. Each charge against Sisemore carries a maximum sentence of 20 years in prison, though he has not yet been convicted. https://www.(wublock123.com)/news/us-doj-charges-kishu-inu-founder-900k-rug-pull-fraud-69700