Nick Cannon launching new ‘legit’ memecoin after fans lose hundreds of thousands on failed ‘Wild ‘n Out’ token

“Masked Singer” big Nick Cannon said he’ll soon beryllium launching a 2nd cryptocurrency token, moreover arsenic he distanced himself from a grounded memecoin he promoted — costing immoderate investors hundreds of thousands of dollars.

The 44-year-old actor, singer, and begetter of 12 has washed his hands of the WILDNOUT memecoin — named aft nan MTV rap conflict show “Wild N’ Out,” which Cannon conceived and hosted from 2005 to 2020 — contempt hyping nan crypto’s March 5 motorboat and buying into it himself.

The WILDNOUT coin deed a $10 cardinal marketplace headdress 9 hours aft launching connected March 5. But by nan adjacent morning, its worth plummeted to $3 million, charts show. It was down to $1 cardinal by March 8, resulting successful millions successful losses for nan astir 16,538 investors who bought into it. This week it was weighted astir $67,000.

Cannon announced connected March 26 he aimed to springiness it a changeable again soon, pinch an “enterprise token.”

“I ne'er wanna tally crippled connected anybody, and I ne'er wanna scam anybody,” Cannon insisted to nan much than 11,000 who signed into his March 26 unrecorded X forum astir nan impending crypto project.

“We’re conscionable trying to comply by nan rules, because location are rules to this, and I americium 1 of those guys who plays by nan rules and doesn’t extremity up moving crippled connected people. That’s not what we about. We astir creating community, we astir creating enterprise, and offering up existent thought-out utility.”

Cannon proclaimed successful nan unrecorded forum “I was not nan originator of that past coin,” and added he has nary plans to waste disconnected his liking successful nan memecoin.

“It wasn’t technically mine, and truthful each of nan worldly that we each cognize went connected pinch it, I conscionable wanted to make sure, moving forward, immoderate we do is going to beryllium ace charismatic and done nan correct way,” Cannon said. “I americium ne'er abandoning y’all.

“I saw what happened pinch nan past one, and whoever group that up and whoever put it together, I wanna do immoderate successful nan early nan correct way,” he continued. “I’m locked in. That past coin, I wish I could person did it nan measurement my plans are to run successful nan future, but this is really we gotta stone correct here.

“Every measurement we return from present connected out, we’ll beryllium reasoning astir nan people.”

An endeavor token is simply a integer asset, usually managed by a business, that represents a portion of worth aliases ownership.

“The full goal,” Cannon said of nan upcoming endeavor coin, “is to make judge immoderate we’re doing, we’re elevating, and we put distant thing that’s legit successful this world. That’s each I wanna do.”

He added: “I person learned truthful overmuch to wherever I get that opportunity to thief group and utilize my sanction successful a bully way. I wanna make judge each nan i’s are dotted and t’s are crossed to protect you all, to protect myself.

He alleged personification “misused” his personage by “attach[ing]” his sanction to nan past coin, insisting he made nary money connected nan token.

Cannon promoted WILDNOUT done his X profile, hosting a brace of unrecorded video forums astir nan token — built connected cryptocurrency level Solana.

And connected nan time it was released, he wrote: “We Wild ‘N Out successful nan trenches! The charismatic Wild N Out meme coin is Live!…Wildn! Wildn!” He moreover assured fans connected X he would “never” waste his memecoins, and “pull out” of nan project.

Critics targeted Cannon soon aft nan token tanked.

“Your sanction is mud,” one alleged unfortunate wrote connected X. “You didn’t make capable efforts to salvage your coin. People trusted you. That spot is broken.”

“Damn. Yeah, he mastered affectional manipulation for sure. A psychological feat indeed,” another wrote

Others branded him “disgusting” and a “grifter.”

Watchdog David Kennedy, a longtime crypto trader successful Sanford, Fla., said losing money connected memecoins is practically a meme unto itself.

“These things are happening truthful frequently, and there’s truthful galore of them, everything’s gotten diluted,” Kennedy explained. “There’s nary regulation.”

Kennedy said nan Securities and Exchange Commission wished memecoins are not securities on Feb. 27. “It’s nan Wild West retired there, and that’s nan problem,” he said. “So there’s nary existent recourse for these group [who mislaid money connected WILDNOUT], different than getting upset aliases suing.”

An SEC spokesperson declined remark connected nan memecoin.

Cannon did not return a petition for comment.