Please correct this from OP, its 5.5 blah blah mil coins and not:
Total # of Coins reduced to about 6~7.5Million with POW
This is the most beautiful scam ever. First dozens of mil, then 6 to 7.5 mil, than back to 5.5 mil. And hardly we can find people aware of this.
Are people really blind? I guess the dev and his friends have (or had) at least 50% of all coins easily. This thing will collapse like nothing else yet... I hardly feel sorry for illusional people, but this is too crazy.
Assuming you are right and it's a perfectly orchestrated scam, they can't cash out yet. Not enough volume. They can take this to 0.01 and maybe then cash out.
Anyway the dev is going to release some source code anytime now, we will see if it's something groundbreaking.