After a single day of trading the $KING token on ICPSWAP, the canisters were deleted. This means there’s no ledger left, causing investors’ tokens to vanish from their wallets. The founder has attributed this to an error during a canister upgrade, but has kept the investors’ funds and moved on.
This shouldn’t be ignored. Impacted investors are strongly advised to report this incident to the authorities since the founder hasn’t made any effort to return the funds.
Such inappropriate actions shouldn’t be brushed aside too easily. There was a two-day outcry, but it would be more effective if the community came together to identify the perpetrator, determine the total number of affected users, and calculate the exact amount of ICP stolen.
I didn’t invest in $KING as I’m not supportive of meme tokens, even though they play a role in the crypto scene.
My wish is to see a more assertive response when these incidents transpire. We must ensure IC doesn’t follow the path of BSC, which has become notorious as a primary platform for rug pulls due to its minimal fees.
There’s a real danger that IC could become a prime chain for such rug pulls unless the entire community takes action and contributes to the investigation in whatever way they can.
Let’s all contribute as much as possible to gather information for the affected users, enabling them to report this incident accurately to the authorities.
If the founder of $KING asserts that it was an error, they can present their case here. Along with the community’s assistance, we can explore possible solutions to refund the impacted investors.
The initial report was posted at: Have you seen the ways in which defi projects in icp run away?
p.s. A dedicated section for dealing with such incidents could be a valuable addition to the @dfinity forums.