Concerns Regarding ICP Swap's Practices and Potential Fraud - Protect Your Investments

In this post, I aim to shed light on some worrying developments at ICP Swap, which I feel need immediate attention from our community. I believe we should maintain an open dialogue about such occurrences to protect our investments and the integrity of the crypto market. As members of this community, it’s crucial that we hold all platforms to a high standard and scrutinize their operations. It seems that some practices undertaken by ICP Swap raise some serious questions that need to be addressed.

To set the context, ICP Swap operates as a permissioned platform. What this means is that token creators cannot add tokens without explicit approval from the developers. It’s quite clear that the developers are directly involved in what is included on the platform. Hence, the argument that token creators are independently adding tokens without oversight simply does not hold.

Adding to the uncertainty, the founders of ICP Swap remain anonymous. Although there’s no direct evidence, I have strong suspicions (99.9% sure) that Dfinity, is funding ICP Swap.

In recent events, ICP Swap has added several new meme tokens to their platform and, furthermore, created liquidity pools for these tokens. This action might look innocent at first glance, but it can potentially mislead investors into buying these tokens, which may not hold long-term value. Increasing the Total Value Locked (TVL) is generally a positive indicator for a DeFi platform, but it becomes questionable when the increase is achieved by adding potentially dubious tokens. While such practices may be commonplace in established chains like Ethereum, they can be detrimental for a nascent chain like ICP. Boosting TVL with low-value tokens not only compromises the integrity of the platform, but it can also damage the reputation of the entire ecosystem.

ICP Swap recently added a meme token that, on the face of it, seems to present dubious calculations: specifically, 365 ICP tokens against a trillion of the new tokens. I think this is a red flag that investors need to be aware of when considering this token.

Adding to the list of concerns, ICP Swap has also set up a liquidity pool for the GHOST token in both EXT and ICRC formats. This is a 1:1 mint, meaning one GHOST (EXT) token can be exchanged for one GHOST (ICRC) token. Instead of displaying this as a simple minting process, ICP Swap has chosen to depict it as transactions and Total Value Locked. This manipulation seems to be a tactic to inflate their statistics and attract more users to the platform.

Given these circumstances, I am led to believe that ICP Swap may not be operating with the best interests of its users at heart. This conclusion is reinforced by the fact that the GHOST token team chose ICP Swap as their platform - a decision that suggests possible collusion between the two entities.

The implication of these practices is significant: it suggests that ICP Swap could be operating with questionable motives, and that investors should be extremely cautious when considering whether to provide liquidity on the platform.

I therefore urge all community members to carefully reconsider their positions and potentially remove their liquidity from ICP Swap to safeguard their assets. While I am not alleging absolute fraud, I believe the warning signs are clear enough to warrant extreme caution. As always, the decision is ultimately yours. Please stay informed, stay vigilant, and keep questioning.

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Moderator’s note:


I am writing this as a moderator of this forum.

I have no opinion on the veracity of your post, but i do have a strong opinion that this kind of post does not typically bring healthy conversations in the developer forum (yes, i know this is an opinion many people both really like and really dislike).

I am asking you to please take this conversation and post to the many other ICP-related communities on DSCVR, Seers, Distrikt, Taggr, Reddit, etc…

I do not fault you for sharing your opinion before you saw where I stood, so no harm, no foul. If you want recommendations on particular places to post, I can be more specific than listing online portals like I did above.

I will lock this post as an example for others.

Thank you.

It’s an amm, anybody can add tokens.

I strongly disagree because you are confirming my suspicion that ICPSWAP is funded by Dfinity and you are silencing my post. The opposite is what we expect when we inform users about a fraud.

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Where do you suggest they put their assets?

It’s permissioned. Only ICPSWAP Devs can add tokens

T. Sonic dex employee

It appears that a user has minted tokens with the xcanix token launcher and added lp to icpswap

Your accusations are defamatory.

? That is not true. You can litteraly add liquidity of any token

You clearly have never used the index.

I don’t really care about Sonic at all. If they both are operated by same devs then maybe you are correct.

Do you know what an AMM even is?

Don’t buy earth token if yo udon want too v

YOU CANNOT ADD TOKEN BRO. You can do LP but if you want to get listed or add a new ABC token both Sonic and ICPSWAP dev needs to approve it.

You’re literally ill informed. Anybody can add liquidity to a token on icpswap

Also, those tokens are not LISTED on the dex you have to import the canister Ids to even trade them

See this is EXACTLY the kind of dialogue I am referring to @Antony

I am going to lock this post.


Sir, send me the LISTING for earth token.

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Fine Lets do it. I dont think he understands the issue.