I’ve seen some significant screw ups on DeFi launches in the past. Most devs got nervous, didn’t know how to handle the situation, and then disappeared altogether.
A couple of these launch screw ups rugged trusting souls, but others gave back the token value to participants in order to maintain their credibility in the DeFi space.
When I woke up yesterday morning to check in on my farm, I was shocked to see all of the contracts had been paused and I could no longer even see my staked PIGS or DOGS!!
Holy $h1t, I have a lot of my dollars tied up in this… did I just get ripped off??
Not gonna lie, I was scared — my heart started racing, and I’m wondering, “how in the heck, am I going to explain this to my wife??”.
I’ve been watching the price of PIGS fall since the launch of the new PiggyBank on March 4th. I hated to see it, but not overly concerned because I’m in this project for the long haul.
I believe the price of PIGS a year from now is going to be considerably higher.
In fact, I bought more PIGS at around $180 and significantly lowered my cost basis.
None of this matters now because I no longer have access to them!
Pause, Breathe, Resume
Once I arrived at my office to do some additional research, I was relieved to see a Telegram post from Forex Shark. I’ll share it below so you can read it for yourself.
But basically, a couple of bad actors supposedly entered the PiggyBank with some bot assists and ended up with around 25% of the total project.
And then, spent the next several days selling like crazy. This is likely what tanked the price of PIGS and even set back the DOGS.
Insiders say there was around $600,000 sold in a very short period of time from a particular wallet, which was later blacklisted. This created a huge frenzy of sell offs and a lot of value lost. Including my own!
The TVL on the farm has dropped from around $330,000,000 to $213,000,000 at the time of this article.
Forex has consistently warned folks who acted in this manner would be stopped!
And he stayed true to his word… even though it means relaunching a new (hopefully improved!) platform and creating new coins for the project.
I’ve seen some additional inside drama on this one and I’m not sure of the absolute facts of the situation. However, the dev is still working with the community. Plans are in place. We will be able to farm again soon!
Proud to be involved in a project where the management team can see the situation unfolding and be mindful enough to shift course midstream!!
That’s how you build lasting trust in a sea of shady spin ups!
Stay Tuned Folks… I’ll Keep You Posted!
Live Vicariously Through My Reads!
Or Join Me on an EPIC Adventure!!
I love to code, cook, watch movies, and more! I also enjoy writing about whatever comes to mind! Plus, I’m a huge fan of cryptocurrency! I recently discovered DRIP and now there’s no turning back! If you’re interested in crypto it’s a project definitely worth researching!
The DRIP price is down — Now may be your time to shine!!
What is DRIP?
DRIP is a DeFi project that is intended to provide passive income in a low-risk, high reward contract. DRIP tokens are purchased and then deposited into the Faucet, where they earn 1% each and every day! You can choose to Hydrate (compound) or Claim to pull the DRIP token out back out. That’s the skinny version at least! Read more about it here: What the heck is DRIP??
How to Start
Go to https://drip.community/fountain and exchange BNB for DRIP.
If you’re a total newbie and need a roadmap, read this easy to follow step by step guide: From Zero to Hero. Or ask questions in the Team ChatThen Go to: https://drip.community/faucet, and scroll down to Get a Buddy. You have to enter a Buddy address in the Referral section:
My Buddy: 0x8dBF8F3f36eeb70d5670697556351CD1a774b8DB
(You can click the “Buddy Detected” button if you use the link above to get there.)Then scroll back up to Deposit and deposit at least 1 DRIP (Ensure you have enough BNB left over to pay for the gas fees ~.01 to get started)
You’re setup on DRIP. Get ready to receive 1% daily!
I am part of the Cryptozoa DRIP team. We are a global community of DRIP enthusiasts who are welcoming and helpful. We converse on our own private Telegram group where we share DRIP tips, strategies, breaking news, and more. If you would like to be in the conversation, please join the Cryptozoa team (by getting into DRIP and using my Buddy address above), and then head over to the Cryptozoa Team Gateway. You must be in the DRIP Network to join so have your Buddy ID handy, and be sure to tell them you’re on team CryptOpenSource!
Nothing in this article is to be construed as investment advice. Neither the author nor the publication takes any responsibility or liability for any investments, profits or losses you may incur as a result of this information. The article may contain affiliate links