For those looking to get into the cryptocurrency craze in the shadiest way possible while also offending the Thai government, the perfect option now exists. Say hello to Lungtoo, the newest meme crypto be making its way through the Thai blockchain community. The name is pronounced like the Thai translation of Uncle Tuu, the affectionate nickname given to PM Prayut Chan-o-cha by his supporters. The cryptocurrency was launched on Monday, perhaps as a response to Elon Musk’s Saturday Night Live appearance during which Dogecoin, the crypto he has supported, plummeted.
The website for Lungtoo features artwork from anonymous political cartoonist Kai Maew who claimed he had no involvement and had not given permission for his art to be used. The site is targeting Thai youth that have been protesting Thailand’s current government and the digital currency claims to be donating profits to Siriraj and Phramongkutklao hospitals. The crypto was created completely anonymously and the website was offline today.
Much of the cryptocurrency and its website seems to have used the Binance Smart Chain service the launch a knockoff of another cryptocurrency, Dogemoon. The website and all associated information and press releases seem to be cobbled together from Dogemoon’s website and other crypto sources. The Lungtoo website was registered anonymously but it was confirmed to be set up in Victoria, Australia.
939 crypto investors had purchased the original Lungtoo coins before a red-flag-raising back-end switch changed the contract account where the coins originated. 40 people have purchased the new coins and the crypto creators announced later that people could exchange old coins for new coins. They claimed the accounts were switched because their original didn’t meet the regulations for some crypto exchange platforms.
Experts say this shady change, and other setup vulnerabilities, make the coin a humorous meme but a risky and easily exploited investment.