In the last hour, the following post was placed on the DMGDAO website and @DMMDAO Twitter feed, with very little information other than stating on their website "As a result of regulatory inquiries, DMM is shutting down. Effective immediately, mToken minting is no longer available."
Is this something similar to what happened to XRP and is DMM a victim of being too small to cover any investigations unlike Ripple?
This is the Tweet posted from the DMM Twitter feed:
Unfortunately, the token has had a massive drop in value after a very recent pump - hopefully one of very few we see but what timing for it to happen right at the start of the bull market. The sell orders started to hit exchanges relatively quickly after the news was broken on Twitter and the token dropped almost 75% within minutes.
DMG Token has dropped from an ATH of $1.77 in July of last year and is currently trading at under $0.10, a drop of nearly 95%.
A lot of comments on social media referring to a "Rug pull" but hopefully more information will come out over the coming days to establish exactly what has happened but for now, investors are licking their wounds from one of the early casualties of this bull run.