Gari overturned: inside a 5-minute crypto crash that left a trail of questions and shattered dreams

Bollywood actor Salman Khan unveiled India’s first ever social crypto token by Chingari – Gari Coin on October 16, 2021 in Mumbai, India.

Synopsis

When 2 million Gari tokens were dumped on KuCoin exchange on July 4, the token lost 90% of its value in a flash. While Chingari, which issued the tokens, has said it was a “black swan event”, investors have been left high and dry. What led to the crash and what does it mean for investors, creators, and Chingari?

July 4 was a day like any other for Arun (name changed to protect identity), who owns a small business and is in his mid-twenties. He was taking a stroll with his wife after dinner. His investments in Gari, a token offered by Chingari Holdings, seemed to be paying off. The price of the Gari tokens he had bought at USD0.4 was now at USD0.8. His dream of going for higher education in the UK was in sight. Everything seemed to be right in the world.

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