CertiK’s identification of Crypto Cars as ‘rug pull’ was a false alarm

0
176

During a market slowdown, cryptocurrency and decentralized finance ban rumors, or DeFi scams, blockchain enthusiasts can be sensitive to the slightest distortion in the projects they are involved in and sometimes mistakenly fear the worst. A day earlier, CertiK, the leading blockchain cybersecurity rating platform, tweeted a warning regarding CryptoCars, saying it was “stretching the rug.” However, the staff quickly removed the post due to a false alarm.

Through a series of Twitter screenshots obtained by Cointelegraph, CertiK initially stated that the website and Telegram for CrytoCars were down. However, users were quick to point out that both the CryptoCars website and the Telegram apps were still running, causing CertiK to cancel the community alert.

According to CryptoCars developers, the project’s Telegram chat will be temporarily closed “until the end of the Lunar New Year from January 27 to February 7.” The CryptoCar development team is in Vietnam, which is celebrating the Lunar New Year holiday.

Sources at CertiK gave Cointelegraph the following statement regarding the incident:

“Event reports, while complex, are fast in nature and are designed to alert the community when suspicious activity is updated. In this case, we noticed that Telegram went down, the funds were reset, and the $CCAR website was unavailable. This triggered a warning about possible carpeting.”
Despite the mistake, CertiK has done a lot for the blockchain community. Recently, the day before, Qubit Finance posted a verified community alert when the protocol was subject to an $80 million hack.

CryptoCars launched in September 2021 as a non-functional token, or NFT, car racing game. CryptoCars is built on a win-win gaming model and requires players to purchase an NFT car engraved on Binance Smart Chain through a blind fund created by the developers for 6600 CCAR or from another user for 490 CCAR. According to the official website, at the time of publication, the project has 721,683 players, 582,666 NFT vehicles and 248.8 million in-game transactions. She also has over 124,500 Twitter followers.

Source: CoinTelegraph

LEAVE A REPLY

Please enter your comment!
Please enter your name here