WarOnRugs, a channel dedicated to preventing unethical behavior in the crypto space, recently found that newly dropped token from $PAID Network was at a high risk of rugpulling. WoR found that the dev had left a backdoor in the contract that allowed infinite minting of tokens. Moreover, the dev had used this function to mint tokens to wallets that had not participated in the token presale.
Although not conclusive, research from credible sources has found one or more of these wallets to be connected to crypto influencer Ivan on Tech.
The news comes off of a very recent scandal where Ivan on Tech accused developers in another project of being “extremely unprofessional” after those devs admitted paying influencers under the table. While not naming Ivan by name, many people came to the conclusion that Ivan was a beneficiary and confronted him on social media. The outrage caused Ivan to make the statement on his daily podcast chastising developers instead of denying the charges. To date, Ivan has not denied the charges of unethical gamesmanship in the market.
Look, project devs. We know you want your project to work well on launch. But you are actually hurting your projects when you pay off shills like Ivan to talk you up. Word is getting around and people understand the game, and you’re losing credibility. At the very least, you could avoid the market gamesmanship by paying your shills in fiat cash instead of in tokens.
As for Ivan on Tech, this is yet another brick in the wall of his filthy legacy. I do not look forward to additional regulation from traditional nation states in the crypto space. They do not have jurisdiction there. But dirty clods like Ivan invite the vultures. Let Ivan know that this behavior will not be tolerated. It is up to us to police ourselves before outside forces force their hand because of Ivan’s behavior.
Investors: Be very careful of projects shilled by Youtube influencers, especially if there is an exclusive presale. Be especially cautious if the project seems to gather more attention than its worth given its output. There is likely foul play afoot. This foul play can cost you money and time.
YOUR GUIDE TO MAKING MONEY IN CRYPTO STARTS HERE —> Making Money in Crypto Part 1
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