Federal prosecutors have charged Alexander Sisemore, the creator of the memecoin Kishu Inu (KISHU), with operating a rug pull worth roughly $9 million, in an indictment that the US Attorney's Office for the Northern District of Illinois announced on Wednesday, October 7.

Sisemore, a 28-year-old from Fayetteville, was named in the charges, which tie him to the alleged exit scheme involving the canine-themed token. An indictment is a formal charging document rather than a determination of guilt, and the allegations will now proceed through the federal court process.

Kishu Inu is a dog-themed memecoin that launched on the Ethereum blockchain in 2021, riding the wave of canine-inspired tokens that gained prominence after Dogecoin and Shiba Inu. Like most memecoins, it relied primarily on attention and social engagement rather than underlying utility.

A rug pull is a form of exit fraud in the cryptocurrency sector in which the individuals behind a token project abruptly abandon it and withdraw investor funds, typically by removing trading liquidity and leaving holders with assets they can no longer sell. US prosecutors and regulators have brought a series of cases against token creators accused of such schemes in recent years, and future filings in the Northern District of Illinois will mark the next stages of this case within that broader enforcement pattern.

This content was first published on COINOTAG: https://en.coinotag.com/kishu-inu-founder-sisemore-indicted-9m-rug-pull