Security

Ape Terminal Exposed as Scam, the Project Allegedly Rigged All IDOs

  • Crypto Trader Mac exposes Ape Terminal’s rigged IDOs and betrayal.
  • He and another member of the community share evidence of rigged IDOs.
  • Mac stands firm amid threats, vows to publish findings.

In a shocking revelation, renowned crypto trader Mac has exposed Ape Terminal, labeling it as a scam project with a deceitful team. Mac, who had considered the team a friend, took to social media to share the disturbing findings.

A person I considered a friend and ate dinner with a week ago has lied to my face, betrayed and scammed me, several IDOs and the crypto community.@theapeterminal has scammed all of the IDO launches on their platform

200,000 wallets applied to win the IDOs and 10 winners got…

— Mac 🐺 (@MacnBTC) January 24, 2024

According to Mac, Ape Terminal orchestrated a scam during various Initial DEX Offerings (IDOs) hosted on their platform. Reportedly, out of 200,000 participating wallets, the Ape Terminal team exclusively won all 10 spots per IDO. Additionally, the team imposed a 25% fee on participants, further intensifying the alleged scam.

Mac, who had initially introduced Ape Terminal to the SatoshiVM team, expressed disappointment, stating that trust in a fair sale was impossible. Despite returning the $SAVM tokens to the SatoshiVM team, Ape Terminal allegedly made substantial profits by selling the winning wallets.

In response to Mac’s expose, Ape Terminal threatened legal action for defamation. Undeterred, Mac stands by his claims, asserting that all the information is verifiable on the blockchain, and he plans to publish the findings.

Ape Terminal says they will sue me for defamation but make 10 false statements in one google document

Everything is verifable on chain and we will publish the findings.

I’m advisor for the SatoshiVM team and have been working closely with them.

I was doing Ape Terminal a… pic.twitter.com/yhhUZB9XMy

— Mac 🐺 (@MacnBTC) January 24, 2024

Supporting Mac’s accusations, crypto advisor bx1 conducted an analysis of Ape Terminal’s IDO winner wallets. The findings revealed that only 5 out of 10 winning wallets were funded $1000 within an exceptionally short time frame from MEXC, exhibiting similar selling patterns.

The probability of these specific wallets winning, given the vast pool of participants, was infinitesimally low, further fueling allegations of rigging and scamming by Ape Terminal. The crypto community is now closely watching as the controversy unfolds, with many calling for transparency and accountability in the decentralized finance space.

The community also laments over the constant scam stories that arise in the crypto space. Scammers even target big projects to trick the new and poorly informed masses looking to the space to make their fortunes. It is always important to stay vigilant and do your own research (DYOR).

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