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Cryptocurrency News Articles
IBX Orchestrates a Rug Pull Involving Its Newly Launched Token, ARTIC, Following a $24 Million Token Presale
Oct 18, 2024 at 10:35 pm
This incident follows a token presale that raised over $24 million from unsuspecting investors. According to industry commentators, the situation has raised concerns about the integrity of the platform and the security of investor funds.
A decentralized exchange (DEX) called IBX, which is supported by Orderly Network, is said to have carried out a rug pull with its new token, ARTIC.
This event follows a token presale that raised over $24 million from investors who were not aware of the situation. According to industry commentators, the occurrence has raised worries about the integrity of the platform and the security of investor funds.
The ARTIC Presale
In April, IBX unveiled its v.1 platform. According to DeFi analyst Anon Vee, the platform just started a presale for its ARTIC token three days prior, with a goal of raising $3.2 million. Due to high demand, the presale ultimately raised more than 160,000 Solana ($24 million).
Did a new rug just happen?@IBXtrade is incubated by @OrderlyNetwork
IBX launched a presale 3 days back with the aim to raise $3.2m and refund non-selected participants
The presale ended up raising over 160k SOL ($24m)
Participants expected $21.8m to be refunded but guess… pic.twitter.com/3rc6E5GQ6N
— Anon Vee (@AnonVee_) October 18, 2024
It was initially believed that the funds collected in excess of the original cap would be refunded to investors. Around $21.8 million was expected to be returned to participants who weren’t allocated tokens.
https://x.com/thecryptobasic
However, in a questionable move, the IBX team conducted a poll on its website—which they fully control—asking whether to raise the cap or maintain the original limit. As expected, the result favored increasing the cap, and the team claimed they would refund 65,000 SOL (about $9.7 million).
Despite their claims of processing refunds, no participants have come forward to confirm receiving their money back. According to sources, the team likely sent funds to multiple addresses they themselves created, raising suspicions of foul play.
The situation worsened when IBX officially created the ARTIC token at a market capitalization of $50 million at 6:16 UTC.
An Alleged Rug Pull
However, the platform delayed activating the claim page for presale participants, preventing them from redeeming their tokens. By the time the claim page went live at 7:02 UTC, the token had already dumped, crashing its market cap from $50 million to a mere $6 million.
This left investors trapped, unable to sell their ARTIC tokens before their value plummeted. Only a small number of participants were able to claim their tokens in time, leaving many investors disappointed.
Multiple prominent exchanges like MEXC and LBank listed ARTIC, but the damage was already done, with the value of the token severely devalued. Some analysts speculate that this listing was part of a broader strategy by IBX to offload the tokens quickly, but this remains unconfirmed.
While Anon Vee has called out IBX and Orderly Network for the alleged scam, the platform has yet to provide answers to the community at press time. With millions of dollars now seemingly lost, investors are demanding accountability and an investigation into the exchange’s actions.
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- Rahul calls for real women empowerment
- Oct 19, 2024 at 02:15 am
- ct 18 (UNI) Leader of the Opposition in Lok Sabha Rahul Gandhi on Friday called for real empowerment of women and not mere token representation. He was addressing the meeting of ‘Shakti Abhiyan’, a movement launched by the Indira Fellowship for women empowerment in the country. Participants from 21 states, who were top performers in their respective fields, and who committed to tackling the deep challenges of patriarchy facing women at the grassroots level, participated in today’s deliberations. Addressing the meeting, Rahul emphasised that the struggle in politics today was not just against the traditional opposition parties, but a broader “ideological battle”. He said, "Our fight in politics today is not just for power, but also for representation and they are two sides of the same coin, not as different as some people think." Rahul lauded the bold efforts of the Shakti Abhiyan, which is providing space for women to lead, organize and reshape political discourse in their communities. Shakti Abhiyan, run by Indira Fellowship, is a national initiative aimed at ensuring equal representation of women in Indian politics. The demands of the Shakti Abhiyan include, “Equal Political Representation”, to ensure 50% representation of women in elected offices at all levels. The participants in the session shared their on-the-ground experiences and discussed the challenges of social resistance, lack of resources and patriarchy in the political framework. The national executive meeting of Shakti Abhiyan will continue for the next two days, in which future action strategies will be discussed to expand the movement and strengthen the political participation of women in India. UNI RBE BM