As a seasoned analyst with over two decades of experience in the financial markets and a lifelong basketball enthusiast, I find myself at a crossroads when examining the Game 5 Ball project. On one hand, I appreciate the innovative idea of tokenizing sports memorabilia, especially something as iconic as the 1991 Game 5 championship ball. On the other hand, the series of events surrounding its launch has left me with a bitter taste in my mouth, reminiscent of an airball from beyond the three-point line.
Previously, basketball legend Scottie Pippen unveiled the Game 5 Orb (ORB) initiative, a venture aimed at turning the iconic 1991 Game 5 championship ball into a tangible asset token (TAT). However, subsequent to its launch, allegations of rugging approximately 102 Ether (ETH) and connections with crypto frauds were levied against Pippen and the project. Presently, the Game 5 Orb’s team asserts that an attack is the cause behind these accusations.
Game 5 Championship Ball Immortalized On The Blockchain
Legendary basketball figure Scottie Pippen has unveiled his Game 5 Ball RWA initiative, a cryptocurrency project. This innovative endeavor aims to digitally archive for the first time an iconic sports artifact – the ball – on the blockchain, safeguarding its legacy, which symbolizes the commencement of the Bulls’ dynasty and is powered by the community.
The announcement received mixed reactions, with some crypto investors sharing their excitement for the project. A community member supported the basketball player’s efforts to “tokenize iconic sports memorabilia” but asked Pippen to “do things the right way.”
In summary, others commended the project’s objectives and proposed ideas for a prosperous start and ongoing backing from investors. Simultaneously, several community members perceived the project as another instance of a celebrity swindle. Certain X users voiced doubts about the player’s honesty and labeled Game 5 Ball as a “blatant money-grabbing scheme.”
Regardless of the initial response, the digital token representing the Game 5 Ball, called BALL, was introduced on August 1. However, the project encountered a whirlwind of controversy following a sharp 96% drop in its value shortly after its release.
It appears that recent findings suggest the decline was caused by the team removing approximately 103 Ether (ETH), equivalent to around $330,000, from the project’s account. Furthermore, the reports indicate that the team may have preemptively launched an hour before the official launch and purchased the tokens quickly, a practice sometimes referred to as “sniping” in this context.
Crypto enthusiasts swiftly spread the word and issued warnings about the potential scam, which appeared to prompt the team to attempt purchasing back their tokens amidst widespread criticism in their Telegram group. In a live discussion within the project’s Telegram group, the developers of Game 5 Ball admitted their mistake and described the investment environment as “the lawless frontier.”
BALL’s Team Linked To Other Crypto Scams
After the allegations surfaced, crypto investigator ZachXBT revealed that the controlling wallet for the BALL project showed questionable links with a discontinued NFT venture named “Lil’ Hippo” and an individual known as “Mr. Moe.”
Zach also mentioned that there were allegations against the ex-NBA player regarding an NFT scheme in 2022. As per the news articles, Pippen had introduced an NFT collection on OpenSea where 33 winners could potentially receive physical sneakers. Unfortunately, the project seemed to have been left unfinished before the shoes were delivered.
In response to the blockchain detective’s inquiry, Mr. Moe explained that Game 5 Ball experienced a “launch malfunction,” and they were diligently working on fixing it while also battling numerous scammers. It should be noted that Game 5 Ball is not associated with any celebrity projects; instead, it falls under the RWA sports category along with Pippen.
The team acknowledged the problems, stating that certain actions were taken to potentially undermine the project, such as using Sniper Bots, Telegram Impersonation attacks, and Phishing attacks. Furthermore, they clarified that funds were withdrawn from the project’s wallet to minimize losses and are in the process of gradually replenishing from the Development Wallet to restore stability.
In the end, the community appeared rather unimpressed with the feedback, showing signs of doubt about the project’s openness and its assertion that it’s “No exit scam… just solid ground.”
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2024-08-03 11:11