Investors of cryptocurrency project VAPOR have recently been put on high alert concerning potential scams. On-chain sleuth ZachXBT has evidenced the project's affiliation with JKDAO, known to have been caught committing rug pull scams in two of their past projects. ZachXBT found that 3.8% of the VAPOR supply had been transferred to the JKDAO public address, with 22.8 ETH (around $44k) already being sold. This was followed by 1.1 billion VAPOR tokens being dumped for a further 5.6 ETH (roughly $11k).

In response to the allegations, VAPOR removed their Twitter account, branding ZackXBT a “bully” for his attempts to spread false rumors. The JKDAO Twitter account has also gone missing.

This prompted distressed investors to comment on the situation, with many affirming the scam had already been committed. The Coin Guru tweeted his disapproval of the scam, voicing his opinion that proper due diligence should have been done before investing in this project.

Bringing the whole ordeal into a more personal dimension, ZachXBT previously revealed JKDAO’s fraudulent activity as well as pointing out rapper Soulja Boy for promoting and dropping NFTs that were suspected scams. Additionally, the blockchain security and analytics platform, Certik Alert, reported in March that Harvey Keeper’s AI DeFi platform project was a rug pull.

This information follows the case of SyncDex.Finance who, in April, was accused of rugging investors after taking around 200 ETH (about $395k).

It’s therefore easy to comprehend why investors have been warned of the undoubted risks of investing in cryptocurrency projects. It’s important to do some research before putting any money at stake, or the consequences could unfortunately be dire.



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