World Cup Inu token faces scam allegations weeks after launch

Crypto Influencer Fatman has alleged that the World Cup Inu employer is charging a 4% swap tax on decentralized trades, raising concerns about a potential scam.

In a statement in September, World Cup Inu confirmed its official launch on the Ethereum network as an ERC-20 token, claiming skyrocketing growth in the early days. The token for football and meme enthusiasts, was adopted by 800 crypto investors in 48 hours.

fifa world cup 2022 fever

The FIFA World Cup is scheduled to be held in Qatar from November 20 to December 18, 2022. With the International Football Federation announcing the grabbing of the official partner title of its Metaverse ecosystem, “FIFA World,” and, crypto is married to big event.

With the increasing craze, the chances of scams have also increased. Fatman of the Terra Research Forum alleges that WCI’s employer has already withdrawn more than $300,000 in cash from WCI. He commented, “There are also contractual acts to unilaterally increase the swap tax and stop trading. Please be careful; it’s best to stay away.”

The coin has gained 1,000% over the past two weeks, but it seems to be losing value in the past days. On Uniswap, the trading volume for the previous day came in close to $3 million.

WCI/USD chart by TradingView

WCI has also built a web3 betting front that lets users bet with ETH directly from their cryptocurrency wallet. WCI claims that the betting money remains in the smart contract until Oracle receives the data to announce the winner. Here, WCI is also levying a 10% tax on all lottery pool bets.

Footballer accused of ‘shilling’ World Cup

The official Twitter account of Ronaldinho, the retired Brazilian footballer, also promoted the WCI. However, some in the Reddit community called the ‘shilling’ ‘shameful’.

Some are even calling WCI a shitcoin, accusing celebrities of promoting the pumping and dumping of these tokens.

There are frequent scams in the industry, rug pulls and gaming tokens fall to zero. Fans of the Netflix series “Squid Game” lost millions in an apparent rug pull last year.

Investors in Singapore filed multiple police reports against top executives of the Neko Inu play-to-earn crypto game. Because of this, he reportedly cost his players over $100,000 in lost money last year.

BeInCrypto noted a recent AtlasVPN team report that blockchain hackers stole $478 million worth of cryptocurrency in Q3 2022. And with 11 attacks, the Ethereum ecosystem caused the most damage, totaling $348 million.


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