BluePill Network @BluepillAudit - Twitter Profile

3 months ago

At BluePill, our mission is simple: to build the immunity layer for the decentralized future. We live and breathe security. But today, I’m stepping away from the tech to address a different kind of threat—the predatory infection within the exchange space. I am here to blow the whistle on Coinstore and their Business Development representative, Kelly Chu (Chu Thi Vui), following a systemic $60,000 heist on our project. Our journey with Coinstore began with a promise of growth. We committed a $25,000 listing fee and provided $35,000 in liquidity. But from day one, the 'red flags' were everywhere. The most critical turning point was the forced control of our Market Maker (MM). We demanded to use an independent, transparent third-party MM to protect our community. However, Kelly Chu personally insisted—effectively coerced us—stating that using Coinstore’s internal MM was the only way to secure the listing. This was not a partnership; it was a setup. They didn't want to facilitate our market; they wanted to control the keys to our house. During the IEO, we observed what appeared to be thousands of subscriptions. We now know these were fabricated—ghost accounts created to simulate a success that didn't exist. But the real crime happened post-listing. Coinstore enforced a mandatory 48-hour 'observation period,' locking all deposits and withdrawals. While we were locked out, Coinstore went to work. We provided exactly 1 billion tokens for the IEO. Yet, our on-chain data shows that the volume dumped onto the market during that lock period was significantly higher than the total IEO supply and our entire liquidity pool combined. How? Coinstore 'printed' phantom balances on their internal ledger to wash out our actual capital. They didn't sell our tokens—they sold thin air to steal our hard-earned liquidity. When we confronted Coinstore with this evidence, the response was a wall of silence and evasion. And as for Kelly Chu—the architect of this deal—her actions have been a disgrace to the profession of Business Development. The moment she pocketed her commission, she abandoned all fiduciary duty. She pushed us into a trap, watched the drainage happen, and then vanished. Kelly, you can hide behind 'exchange policy,' but the industry will not forget your name. A BD’s reputation is their currency; yours is now bankrupt. To the founders watching this: Do not let Coinstore—or any exchange—touch your Market Maker. Do not trust the 'guarantees' of a BD like Kelly Chu. They aren't building Web3; they are parasites feeding on it. BluePill has learned a $60,000 lesson in blood. But we are not stopping. We are moving forward with stronger partners and even more resolve. We will continue to secure this industry—and that starts by purging the predators. Stay safe, stay vigilant, and never give up your keys

BluePill Network

@bluepillaudit

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