The News of Next Exit Scam on BSC is Being Censored on Twitter
The bull run of crypto is famous to turn many people into millionaires in a short period. But it's also infamous for scams and ponzi projects luring general masses into the crypto world and taking away all their life's earnings.
Therefore, when the bull season starts, several dead projects become active and many new scamy projects eye to pocket investors' hard-earned money. Most people fall for them as either they are new and don't understand much; or greed and quick action time don't permit them to do more research about the project. People learn lessons hard way. Many of them become anti-crypto too!
Two days back, someone found a lot of signs of exit scam in the upcoming project named 8pay on Binance Smart Chain. As it's IDO was already scheduled, it was imperative to spread this message far and wide. So this person created a Twitter account with the handle 8pay SCAM. He also created a Telegram group and a Medium blog for alerting everyone about it. The message was being shared in various chats and channels by others too. So I was confident that this project won't be able to get away with people's money.
Founders' social media profiles and their indulgence in luxury life were also shared, questioning why do these people who own Ferrari cars and private helicopters need to raise money for this project through IDO. The need for the amount being raised was also questioned.
The main points of their investigation were sumed up as:
Unpublished contracts before presale starts, that confirm the shadiness of the founding member.
No governance or timelocks found in testnet.
Testnet contracts have a fee collector, but no info about what is that, how the fee collects, who can set that fee etc.
Manual token distribution after deployment means full power to the 8Pay team to control the whole token supply.
[Please check the whole article Why the 8Pay IDO Will be the next Exit SCAM on BSC]
Several people started to seek explanation from the team on these doubts. But the team never replied on Twitter. In fact, they closed / muted their Telegram chat. But they didn't stop their IDO.
Today, I was wondering about several people complaining on Twitter of it. Some of them lost their money to this scam.
I was like, why all these people caught unaware of this!
But then I found out that "8Pay SCAM" - the scam awareness account was being censored by Twitter. It was restricted and nothing was appearing in its Search.
I mean ....what the heckkk!!!
i don't really know what this means, but thanks
i actually bought some bnb the last few weeks for first time
Good to have some BNB in your portfolio. Looks like BSC craze is here to stay for a while
i'm looking at bnb valued at 70 billion and thinking, does this make sense? but, i'm only about 5% into alts, so, whatever
This is unsurprising - as the market goes higher be expecting more exit scams in the future. Thats why it's fine to go into lesser-known coins but the bulk of your portfolio being composed of the big three will lessen the volatility and protect you from these scams.
Yeah, exposure to risky coins depends on one's risk appetite and level of greed. But I agree with your strategy of portfolio management. One should drive safely.
Hi Friend. On April 1 st you wrote about a Cubhack correct ?. Some like holovision are a little upset and if possible (and if it indeed was an April 1 joke) they like the post to be removed by you as it pops up on google. I am just sending a message, I have no interest in cubfinance
Oh yes, I did wrote an April Fools' post that day. It was fun! (At least, for me). But it's passé now.
Thanks for your concern. I'm aware that some people got upset with the way I wrote that post and got offended. But the request to take down that post is outrageous, in my opinion. The post is no more relevant to their concern.
Even if Google serves some visitors to it, it's not going to do any harm to the project or the investors. Several actual hack incidents can pop up in search engines long after they were already dealt with and projects moved on. Investors don't act on headlines of old news without completely reading about it.
Some people have a tendency to overreact. If I remember correctly, I had probably conveyed holovision that I don't repent writing that post. That's my style of writing. If holovision or any of his friends lost any money on April Fools' day because of that post, tell them to send me the transaction details, I'll try to make them whole. That's the best I can do. But the post will stay on the blockchain forever. Sorry about it!