Co-founder of Ethereum, Vitalik Buterin, wrote today that the same words may have different meanings in different cultural circles. In this context, Buterin mentioned that “DAO” refers to “project” and “official” refers to “scam”. This statement seems to be a satire on the current cryptocurrency field, suggesting that if a project does not aspire to become a DAO where the community can collaborate, share, and make decisions, it should not be called a “project”. On the other hand, some protocols, due to the personal interests of their founders or official teams, sacrifice the rights of users or token holders, making their behavior no different from a “scam”.
This year, many projects have run away after raising funds, leaving investors with nothing. Here are three recent cases summarized by Dongqun:
– In February, there were reports from the community that the GambleFi project RiskOnBlast in the Layer2 network ecosystem of Blast vanished, with its website and Twitter account no longer accessible. According to Arkham data, RiskOnBlast raised a total of 420 ETH (approximately $1.56 million) during its fundraising period.
– In March, an account with tens of thousands of followers on the community platform X, @VT_BNB, launched the meme coin $Ents on the BSC chain, attracting a large number of community members to participate. They successfully raised funds of 20,000 BNB (approximately $11.85 million). However, soon after the listing, not only did the Ents price plummet, but @VT_BNB, the project’s account, also disappeared.
– In April, the decentralized gambling platform ZKasino was accused by the community and Dutch authorities of being a Rug Pull scam. It allegedly ran away with over 10,500 ETH from users (now worth over $40 million). Although the official team promised to refund the assets on the 29th, investors only had 72 hours to apply for a refund, causing criticism within the community.
Related Reports
How to Avoid Rats? Check These 8 Methods to See If the Token is a Scam
TON Phishing Scam! Wallet Shows “Received 5,000U” but It’s All Fake, Rolling in 22,000 TON in a Few Days
What is MakerDAO’s New Stablecoin PureDai? No Guarantee of Peg to USD, Introduction of Floating Price, Ownership of New Governance Token…