fintwit

obsessed with financial technology/ privacy arc

[fintwit @finstac_]

We need an app that has all the records of teams behind all the projects in this industry. Reason below ⬇️

There are a lot of greedy ass teams/grifters ( I don't know the agreement they have with respective VCs). Some of these teams milk their community for years just to reward them with peanuts/ reward a small to no number of them or rug their community/ innocent VCs via presale and seed raise.

For example, project like @AleoHQ. The team behind it the couldn't even run a proper ponzi for their VCs or some VC(s) there used the innocent VCs as exitliquidity. Also, they rugged their community, even their ambassadors as well. Another one is @dop_org, which rugged its community members via presale. Well, @AnonVee_ did publish his research about the team behind the project and how they've been rugging innocent communitymembers and VCs. https://t.co/5OuduabKxT.

Product/Project teams should be rated on a fair ground by active folks in web3 for the fair interest of innocent builders that want to build dapps on their chain / innocent VCs that want to invest in them.

[Anon Vee @AnonVee_]

Meet Hirokado Kohji

A japanese investor and former founding member of Cardano

He lost $38.2m on Celsius in 2022 and has since then tried to make it all back by launching scams and extracting from the crypto ecosystem

SCAM 1: Tomi
• He founded @tomipioneers in Q1 2023, raised $40m for tomi in 2023, and launched the token in 2023

Total Supply of the token at launch: 58m
Token price on the day of launch: $7
FDV on the day of launch: $400m

Total Supply of the token today: 1.1B
Token price today: $0.0026
FDV today: $2.9m

What happened?

from the tokenomics,

https://t.co/9d0gY9teiR

we can deduce that %85+ of the token supply was allocated to the team behind the project (Kohji)

Kohji did not only dump most of the token supply that he controlled, he also minted 1b+ tokens and claimed it was all for “the team’s monthly budget”

at every new mint, he transfers all the tokens to various addresses which then ends up depositing the tokens to cexs such as @Bybit_Official @okx @kucoincom

few of the txs

https://t.co/hZoPNizf7z

https://t.co/CQkntii4YZ

so my question: was the $40m seed raise not enough to cover the team’s monthly expenses?

or just maybe the $40m seed raise was a lie orchestrated by Kohji and @DWFLabs since DWF is a ‘major investor’ behind tomi

TlDr of what happened
> Retail saw high funding and a known vc backing the project
> Retail bought the token
> Tomi team (Kohji) minted ~20x the total supply at the time (2023) and dumped all on retail buyers
> Price crashed %99

8 figs was made off this project

btw just %1.7 supply was allocated to the community

SCAM 2: Dop
• He founded @dop_org in 2023, launched a public presale for Dop at a price of $0.08

$0.08 x 23 billion total supply = $1.8b FDV

the total supply wasn’t initially disclosed which made a lot of folks assume a 1b supply and that would mean $0.08 x 1b tokens = $80m FDV

lots of people participated in the presale cause it seemed like a massive discount at the time (btw dop also claimed to have sold multiple figs worth of dop tokens in a private seed round at $0.08)

on the day of TGE, the total supply was disclosed to be 23 billion

and the token was listed %50 below the public presale price (at $0.035)

FDV on the day of TGE (2024): $800m
FDV today: $9m

the total supply remains the same

from the tokenomics,

https://t.co/gToG2uc9Lj

we can deduce that %92+ of dop supply was allocated to the team

and he’s been dumping right from day one of TGE using the same cexs @Bybit_Official @kucoincom @okx and uniswap dex

to avoid getting caught, he also made use of the bulk sender tool multiple times

btw wintermute appears to be the market maker behind dop. (All proofs are available onchain)

His new project (SCAM 3) is @Incentiv_net

Best to avoid it!

It’s another grift by him

@Bybit_Official @kucoincom @okx have all helped Kohji grift 8 figs from each project he creates (they basically list the tokens without doing DD, and they watch him mint and dump more tokens lol)

I really hope @benbybit doesn’t allow him grift another 8 figs using the @Incentiv_net project

Cexs need to start protecting their users

btw kohji doesn’t a disclosed social media account

not surprised at all considering the amount of frauds he does

[fintwit @finstac_]

@wassie gw

[fintwit @finstac_]

@badmanNFTs @SalfordUni Congratulations 🤴

[fintwit @finstac_]

@FrankoYodaa gm Franko

[wassie @wassie]

WASSIE: MUSEUM OF HISTORY

HISTORICAL TWEETS - PART 7 OF 8
Do Kwon - "your size is not size...steady lads"

An animation series by @wassie, in collaboration with @ownthedoge/@wowstudioapp

Sponsored by @BIC_dao

[fintwit @finstac_]

@blkylimm 😂😭

[fintwit @finstac_]

@fhenix I want

[fintwit @finstac_]

@jessepollak GG 🫡

[fintwit @finstac_]

@thru_xyz Amen

[fintwit @finstac_]

🐐

[fintwit @finstac_]

@Caneleo55 😂

[fintwit @finstac_]

Showed em what I got on the lock. Applied for the crew. Boss decides who gets put on. Vetting in progress. https://t.co/lLFUnNRNtM

[fintwit @finstac_]

@TheConmenNFT Cracked it
I'm IN

[fintwit @finstac_]

@bigchog gm chog

[fintwit @finstac_]

@4ranc6 gm chief

[fintwit @finstac_]

@erequendi gmgm

[fintwit @finstac_]

@grownwhalee gm Jossive

[fintwit @finstac_]

@Deestar @Polymarket that's why he had $11m before.
He knows something we don't know

[fintwit @finstac_]

@holly_web3 gm Holly

[fintwit @finstac_]

@MarvinHarryP gm Marvin

[fintwit @finstac_]

@0xgiwa gm 😂
England is going home today