On-chain sleuth ZachXBT has warned investors of VAPOR that the project is directly affiliated with JKDAO, who has been previously accused of executing rug pull scams on two projects.
According to a tweet by ZachXBT on April 20, the VAPOR deployer transferred 3.8% of its supply to JKDAO’s public address, with 22.8 ETH (about $44k) being sold. This was quickly followed with 1.1b tokens being dumped for 5.6 ETH (about $11k).
VAPOR, JKDAO deletes Twitter
VAPOR deleted its Twitter account soon after this, calling ZachXBT a bully for spreading lies and rumors about them. JKDAO’s Twitter account has also since been deleted.
Many Twitter users have jumped in to comment on the fiasco, with some lamenting that the rugging has already occurred.
Users like the Coin Guru have questioned the sensibility of investing in such a project without proper due diligence.
Crypto scams on the rise
The recent expose comes after ZackXBT called out JKDAO for rugging his previous project, JK DAO, in 2022. JK followed a similar pattern stating that they were false allegations and deleted the project’s Twitter account. He also blocked anyone who replied to Zack’s tweet.
Zack also recently accused American rapper, Soulja Boy, on April 19 of making numerous promotions and dropping NFTs that are scams.
SyncDex.Finance has also been accused of rugging investors in April, making off with about 200 ETH (approximately $390k).
Blockchain security and analytics platform, Certik Alert, reported in March that Harvey Keeper’s AI DeFi platform project was a rug pull scam.