New Crypto Project IBX ($ARTIC) Faces Rug Pull Accusations, MEXC Distances Itself

On-chain investigators have alleged that the IBX crypto project team executed a rug pull on token buyers. A top centralised crypto exchange delayed its listing decision following these reports.

IBX ($ARTIC) is a new project in the crypto space. It recently raised more than 160,000 SOL in a pre-sale, worth nearly $24 million at Solana’s current trade price. Notably, the project far surpassed its initial goal of $3.2 million, prompting the team to return excess funds.

The project team claimed they refunded 65,000 Solana (SOL) to the token buyers.

Refunds sorted! Over 65,000 SOL has just been refunded.

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Check the transaction link here: https://t.co/5cNfCGew1J

— IBX (@IBXtrade) October 18, 2024

However, many have accused the project of failing to return funds, alleging that the team sent Solana coins to wallets controlled by their own members rather than refunding buyers.

Did a new rug just happen?@IBXtrade is incubated by @OrderlyNetwork

IBX launched a presale 3 days back with the aim to raise $3.2m and refund non-selected participants

The presale ended up raising over 160k SOL ($24m)

Participants expected $21.8m to be refunded but guess… pic.twitter.com/3rc6E5GQ6N

— Anon Vee (@AnonVee_) October 18, 2024

Multiple media reports and on-chain investigators have claimed the team behind IBX executed a rug pull scam.

IBX ($ARTIC), which raised more than 160,000 SOL in pre-sale, is currently suspected to be RUG. Orderly Network retweeted its content, but now said that it has no endorsement and will cut off future cooperation. MEXC has issued an announcement to postpone its listing time.…

— Wu Blockchain (@WuBlockchain) October 18, 2024

Orderly Network also expressed disappointment with the Artic project, stating they have no endorsement, will cut off future cooperation, and will take necessary action after completing their investigation.

Orderly Network did not back @IBXtrade or their token. Any claims suggesting otherwise are false.

We're actively investigating the situation and will take the necessary steps to support the community.

In the meantime, we're cutting off any future involvement with @IBXtrade .

— Orderly Network (@OrderlyNetwork) October 18, 2024

Following this controversy, MEXC crypto exchange announced a delay in listing the project’s token.

Dear MEXCers,

MEXC Will Postpone ARTIC (ARTIC) Listing Timehttps://t.co/BjlhjwV6pq pic.twitter.com/NXftUNz29J

— MEXC (@MEXC_Official) October 18, 2024

Currently, deposits for the $ARTIC token are suspended, but withdrawals remain available on the platform. While MEXC has postponed the listing, they did not provide specific reasons for their decision.

Such developments damage trust in the crypto space, leading to investor losses and increased market volatility. They can also attract stricter regulations and harm the reputations of exchanges involved, slowing the growth of the industry.

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New Crypto Project IBX ($ARTIC) Faces Rug Pull Accusations, MEXC Distances Itself

 

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