New Crypto Project IBX ($ARTIC) Faces Rug Pull Accusations, MEXC Distances Itself
On-chain investigators have alleged that the IBX crypto project team executed a rug pull on token buyers. A top centralised crypto exchange delayed its listing decision following these reports.
IBX ($ARTIC) is a new project in the crypto space. It recently raised more than 160,000 SOL in a pre-sale, worth nearly $24 million at Solana’s current trade price. Notably, the project far surpassed its initial goal of $3.2 million, prompting the team to return excess funds.
The project team claimed they refunded 65,000 Solana (SOL) to the token buyers.
However, many have accused the project of failing to return funds, alleging that the team sent Solana coins to wallets controlled by their own members rather than refunding buyers.
Multiple media reports and on-chain investigators have claimed the team behind IBX executed a rug pull scam.
Orderly Network also expressed disappointment with the Artic project, stating they have no endorsement, will cut off future cooperation, and will take necessary action after completing their investigation.
Following this controversy, MEXC crypto exchange announced a delay in listing the project’s token.
Currently, deposits for the $ARTIC token are suspended, but withdrawals remain available on the platform. While MEXC has postponed the listing, they did not provide specific reasons for their decision.
Such developments damage trust in the crypto space, leading to investor losses and increased market volatility. They can also attract stricter regulations and harm the reputations of exchanges involved, slowing the growth of the industry.
