As an experienced analyst, I find the situation surrounding Gemholic’s alleged rug pull deeply concerning, especially given their previous assurances and promises to investors. The sudden disappearance of funds and digital footprint raises serious red flags in the crypto community.
There are rumors within the cryptocurrency community that the team behind the zkSync project, Gemholic, may have orchestrated a “rug pull” after making questionable moves regarding the investor funds of the defunct decentralized exchange, GemSwap, on Saturday. Specifically, there have been reports that previously unreachable funds have been transferred out from the exchange by the company, leading to concerns and suspicions among crypto investors.
Gemholic Vanishes From Social Media After Moving Investors’ Funds
In the month of April 2023, there was an unintended mishap with one of Gemholic’s zkSync smart contracts named GemstoneIDO, leading to 921 Ether (ETH) valued at approximately $1.7 million being inadvertently trapped within it. Upon hearing about this predicament from Gemholic, the skilled development team at zkSync disclosed that the funds remained secure and had engineered a method to release the confined contract.
On June 7, 2024, zkSync executed its latest network upgrade v24 on their mainnet, fixing a contract issue that had previously prevented Gemholic from accessing their locked funds. Subsequently, the Gemholic team withdrew the equivalent of 921 ETH or around $3.5 million from their project’s smart contract into an unlinked Ethereum wallet.
Additionally, the zkSync-project associated with Gemohlic has recently erased its digital trace, shutting down all Telegram channels and X accounts. Consequently, numerous crypto investors have alleged that Gemohlic orchestrated a rug pull following unfulfilled pledges made over the past year.
As a crypto investor, I’ve closely followed the developments with Gemholic. They made it clear that once they managed to regain access to their locked funds, the project would continue. On April 21, 2024, they updated their community on X by posting:
I recognize the disappointment and lack of confidence some individuals have expressed towards the @zksync team. However, as an analyst, I firmly believe that they have the ability to rectify the situation. Restoring trust is crucial for us all. Once the contract issue is resolved, we will initiate a robust marketing campaign and pre-launch phase for the project. Additionally, we are committed to refunding any overflow that may have occurred during this time.
As an analyst, I’ve been following the developments surrounding Gemholic closely, and it seems that we might be witnessing yet another heist in the crypto space. This is unfortunate news for the industry, as such incidents add to the growing list of concerns regarding rug pulls. The nascent nature of the crypto industry makes it essential for us to remain vigilant and ensure transparency to maintain investor trust.
Web3 Dev Criticizes KYC Provider Over Silence
As a analyst, I’ve come across some buzzing news where a Web3 developer with the handle @Nserec has accused SolidProof, a blockchain security firm, of failing to prevent a “rug pull” in the Gemholic project despite carrying out their Know Your Customer (KYC) verification process. The zkSync-based project is now defunct, leaving many investors displeased with the turn of events.
As a researcher examining this situation, I believe SolidProof may be trying to avoid stirring up fear, uncertainty, and doubt (FUD) among their customers by remaining silent about the ongoing issue. However, the developer is insisting that SolidProof issue a public admission of error or report the case to relevant legal authorities, accompanied by an appropriate announcement.
As a researcher looking into the situation with Gemholic and the allegations of a rug pull, I would advise those impacted by this to get in touch with Binance directly. It’s important to note that Binance was an initial funder of the project, making them a potential point of contact for any inquiries or resolution.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- BCH PREDICTION. BCH cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- Best Goomba Characters In Mario Games, Ranked
- USD RUB PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- USD PHP PREDICTION
- Rumor: One of the Weirdest Games of 2014 Could Be Making a Comeback
2024-06-09 10:41