Arc's Livestream Sparks Panic Amidst Meme Coin Sell-Off

The launch of Circle's Arc public chain via livestream last night sparked widespread panic among investors. During the presentation segment, several developers from South Asia appeared on camera.

Investors began selling off their holdings in related meme coins and platform tokens, with some experiencing losses as high as 75% over a 12-hour period.

The sell-off was fueled by memories of past scams and hacks involving Indian developers. The community cited the BitConnect and GainBitcoin Ponzi schemes, which defrauded investors of approximately $2.4 billion and $3 billion to $4.7 billion respectively, as evidence of a pattern of behavior associated with South Asian developers.

However, the article argues that this response is not prejudice, but rather a post-traumatic stress response triggered by real monetary losses. The community's reaction was driven by fear of being 'rug pulled', a term used to describe when a project or token suddenly loses value due to a lack of fundamentals.