This Isn’t “Just Another Rug.” This Is a Shame for Crypto.
- Mike Adamemes
- Dec 16, 2025
- 3 min read
Today, December 16, 2025, the Cardano X timeline isn’t talking about innovation. It isn’t talking about the future. It isn’t talking about technology.
It’s talking about $KNIGHT. And the story isn’t a good one.
A project that, just days ago, was promoted as the “first meme on Midnight”, tied to the $NIGHT narrative and framed as an early signal of something bigger, is now being widely described as a rug pull.
This isn’t a market correction.This is a break in trust.
What happened
$KNIGHT launched between December 10 and December 12, 2025. In a very short time, it attracted attention across the Cardano meme community.
It was promoted through:
active X accounts
a growing Discord community
a website filled with roadmap language and “utility” promises
a launchpad and liquidity pool
The narrative was carefully packaged:a meme with identity, tied to the Midnight network, signaling long-term intent.
Today, according to community reports:
liquidity was removed or large wallets dumped
the price collapsed to near zero
the project went silent
X filled with posts from people who lost money
These aren’t rumors. They’re public receipts.
Why this hits closer to home
Let’s be clear about one thing.
I wrote about this project. I looked at it. I believed the story enough to give it attention.
Not because of hype, but because it looked like someone was trying to do things the right way.
That’s exactly why this hurts more.
This wasn’t a random chart I ignored. It wasn’t a faceless token with no narrative.
It was a project I believed deserved a closer look.
And that trust was broken.
People lost real money today. And that is not “part of the game.”
Today wasn’t just about charts going down. Today, real people lost real money.
People who work.People without insider access or “risk capital.”People who believed that a project presenting itself as serious might actually be serious.
They watched their holdings evaporate in minutes.
Not because of volatility.Not because of macro.But because someone decided to pull liquidity and walk away.
That’s not market risk.That’s theft of trust.
This damages the entire space
Events like this don’t stay isolated.
Every rug:
makes the next project look suspicious
pushes newcomers out before they ever really arrive
reinforces the idea that crypto is a lawless casino
How do you explain to someone new that “things are more mature now”when the same patterns repeat again and again?
This doesn’t just hurt $KNIGHT holders. It hurts everyone.
Let’s be honest: this is not sustainable
If crypto wants a long-term future, this behavior cannot be normalized.
It cannot be normal for a project to:
build a community in days
pretend to have a long-term vision
pull liquidity
disappear without consequences
That’s not decentralization.That’s not a free market.That’s repeating the same abuse while someone else pays the price.
The worst part isn’t the money
Money can be lost and earned again. Trust is much harder to rebuild.
The worst part is realizing you were genuinely misled.That you participated in something you believed had meaning.
And yes, someone will say: “It’s a meme coin, what did you expect?”
That’s an excuse.
Because meme projects today know exactly how to look legitimate.And that makes responsibility greater, not smaller.
If this continues, crypto won’t fail because of regulation
It will fail because of itself.
Because of people who know:
how to sell a convincing story
how to package legitimacy
and when to exit
Every incident like this pushes the entire space backward.
This isn’t drama. This isn’t an attack. This is frustration from someone who wants crypto to have a future.
Because the future isn’t built on rug pulls. It isn’t built on collective amnesia. It isn’t built on pretending nothing happened.
Today it was $KNIGHT. Tomorrow it will be something else.
If we don’t start calling this what it is, then we’re all part of the problem.
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