Altcoin Raising Millions of Dollars is Highly Suspected to be a Scam

Cryptocurrency project IBX (ARTIC), which raised over 160,000 Solanas (equivalent to around $24 million) in its recent pre-sale, is now under suspicion of being a rug pull.

The controversy has sparked reactions from big names in the industry, including Orderly Network and MEXC exchange.

Orderly Network, which incubates IBX, initially supported the project by retweeting its content. However, in response to the allegations, the network stated that it does not support the project and announced the end of any future cooperation with IBX. Meanwhile, MEXC, which planned to list the ARTIC token, issued an announcement to postpone its listing, casting further doubt on the legitimacy of the project.

Crypto analyst Anon Vee has highlighted the growing concerns as he questions whether IBX is performing a rug pull. The analyst explained that IBX launched a presale three days ago with the aim of raising $3.2 million and refunding participants who were not selected. However, over 160,000 SOL was raised in the presale, far exceeding the initial target.

Participants were expecting a refund of approximately 65,000 SOL (approximately $9.7 million). However, IBX conducted a survey on its website to determine whether the pre-sale limit would be increased or whether it would stick to the original limit. As expected, the survey resulted in the decision to increase the limit. The team claimed to have refunded the promised amount, but according to Anon Vee, the funds were sent to multiple addresses controlled by the team and there was no verifiable evidence that participants had received legitimate refunds.

The ARTIC token was launched with a market cap of $50 million. Anon Vee noted that the claim page for token holders was not live before the team added liquidity, raising suspicions about the move.

The ARTIC token was launched with a market cap of $50 million. Anon Vee noted that the claim page for token holders was not live before the team added liquidity, raising suspicions about the move. Talep sayfası etkinleştirildiğinde, tokenin piyasa değeri 50 milyon dolardan 6 milyon dolara düşerek birçok ön satış katılımcısının tokenlerini talep edememesine neden oldu.

*This is not investment advice.