In December 2021, @RayLuCode@justinpcoder and their team set out to raise funds for the @BitDotCountry ,@MNet_io , and @bitavatar_io projects, securing an impressive $36 million from crypto investors. Despite assurances, token distribution faced repeated delays until March 2024, causing frustration among investors.
The initial excitement surrounding the projects waned as the token's value plummeted from the promised $0.45 to a disappointing $0.10. Investors who questioned this significant drop were met with censorship on social media platforms.
Now, the affected community is mobilizing, demanding transparency and accountability. Legal action is being urged to investigate the handling of the raised funds and hold those responsible accountable for the discrepancy. This situation underscores the need for caution and vigilance when investing in cryptocurrency projects, emphasizing the importance of regulatory measures to protect investors' interests.
BC INNOVATION PTE. LTD., 160 Robinson Road, Singapore, 068914
@SingaporePolice
My dear friends from the Mnet team, we are writing to you on behalf of your investors.
In December 2021, we invested $36 million in your company, the sale price of the NUUM token was $0.45. Investors typically expect 2 things from their project - a quality product and a return on investment.
After more than 2 years, we do not see significant results from your work, there is no quality product. Everything you have done - a primitive Pioneer metaverse at the level of games 20 years ago, Bitavatar, Spaces - this simplest development costs a maximum of 1% of our investment. What did you spend the rest of the money on? As for the return on investment, there is no need to talk about it, since the NUUM token is currently trading below $0.20. You listed NUUM on second-rate exchanges; no money was spent on marketing and advertising. You have not provided the NUUM token with liquidity at all; the slightest sales volumes greatly affect the price. Accordingly, on March 29, when investors receive their 80,000,000 NUUM and want to sell, the price of the token will drop to almost zero and we will lose almost all the money invested.
We declare that your project is a scam.
We already know what you will say - re-read the contract for the purchase of a token, we did not promise any profits, but were developing a product. Therefore we will go a different way.
On March 29, our community will write en masse to the authorities in your jurisdictions demanding an audit of the $36 million spent. It is clear that the money was spent not for its intended purpose, but to enrich the team.
Singapore (BC INNOVATION PTE. LTD, Ray Lu, Serena Naricot) https://t.co/hmLyINylUE
New Zealand (Justin Pham, Shannon Christie, Aashish Bhurtel, Keira Nesdale, Juanita Strydom) https://t.co/IkHi6a11iH https://t.co/MMt2KTuIVG
Australia (Daniel Choi) https://t.co/aHvDIz9F4h https://t.co/x5h1n1DXIO
UK (Michael Li, Aleksandar Brayanov) https://t.co/I0wBZW1t93
We offer you a solution on how we can get out of this situation.
⁃ You return funds in full to your investors in USDT.
Or
BEFORE March 29, you are taking steps to ensure that investors can sell their tokens at least at the purchase price of $0.45: ⁃ Advertising with top influencers on YouTube, twitter, telegram; ⁃ Provide liquidity on exchanges, attract market makers; ⁃ Speed up negotiations with exchanges and add the token to T1 exchanges: Binance / OKX / Bybit / Coinbase; ⁃ Launch the Metaverse on the NUUM blockchain.
Our team has invested too much money in you. I promise on our behalf personally that if you do not take any action, we will contact the above authorities with a request for an audit. Also, we will promote this petition through social media communities where you do not have moderation.
@MNet_io@BitDotCountry@BitDotCountry@bitavatar_io@RayLuCode@CHRISCRYPT0@justinpcoder@ressweb3
Dear Crypto Community,
We need your support to address a concerning issue regarding Bitcountry, a project launched by @RayLuCode his team back in December 2021 on the Polkadot parachain. Despite raising a substantial $44 million from individual crypto community investors like us, the promises made by Ray Lu and his team have not been fulfilled.
@BitDotCountry and @MNet_io sold 80 million tokens at $0.45 each, totaling a valuation of $450 million. However, they failed to list the token on time, delaying it for 2.5 years. When they finally listed it, they did so on tier 3 exchanges without any significant marketing efforts. As a result, the token's price has plummeted since its listing, leaving investors like us at risk of significant losses.
Moreover, on March 29th, a staggering 80 million tokens from the presale will be unlocked, likely causing further downward pressure on the token price. This impending event spells disaster for presale investors who have waited patiently for 2.5 years, only to see their investments potentially become worthless.
We urge you to help us raise awareness of this issue and hold Ray Lu and his team accountable for their actions. Please retweet and like this post to spread the word and garner support. Let's come together as a community to rid the crypto space of such scams and move forward towards a more transparent and trustworthy ecosystem.
Tag influential figures in the crypto space, share this message far and wide, and let's make our voices heard. Your support is greatly appreciated.
@MNet_io@BitDotCountry@bitavatar_io
@MNet_io Showed the cheapest launch this year! We see that the price is at the level of public sale. On the market, coins are only from the airdrop. Look at the volume, it's unthinkable.The team clearly does not want to thank their investors,greedy project!You'd better avoid this
Man, building new things is always always hard and never obvious.
Even the humble typewriter took 7 years of dead ends, back tracking, and prototypes that today would seem downright insane, all to arrive at V1
Just keep trucking.
(Photos and story from Shift Happens)
Excited to see the live launch of @heron_finance, open for investment and built on top of @goldfinch_fi.
US accredited investors can now build a portfolio of private credit deals on Heron Finance.
✅@Coinbase integration for USDC funding
✅Seamless passkeys account creation
✅Built on @Base 🔵
✅$100 min investment