Leading blockchain security firm, SlowMist, has issued a warning to users of a suspected rugpull on SUI network’s artificial intelligence social aggregation platform, OceansGallerie. The firm urges all users to remain vigilant as they investigate these potentially fraudulent activities.
This alert was initiated after SlowMist’s founder, Yu Xian, noticed unusual activities on OceansGallerie. According to Xian, the token distribution of the platform seemed highly centralized, and the value had experienced multiple substantial drops since its launch.
In a translated post, Xian expressed his concerns, “This project @OceansGallerie on the Sui Ecosystem seems very peculiar. The token and the pool are overly controlled. The total amount of tokens is 10,000,000,000 OCEANS, and the holders are too concentrated. The token has fallen dozens of times in less than a week after its issuance. Now the pool is less than 20K USD…”
The issue came to light when OceansGallerie made an announcement about addressing an issue where liquidity had been removed from the pool earlier that morning at 2:15 AM UTC+8. The Sui project’s abrupt removal of liquidity might have led to the concentration of tokens, causing increased volatility in the token price.
In a subsequent update, OceansGallerie stated that the team had identified an issue within project management that resulted in the unauthorized removal of liquidity and the theft of certain tokens. The team responded by immediately withdrawing liquidity to mitigate further risk to the project.
The update further explained, “We have successfully restored liquidity and are taking additional measures to ensure the security of the platform and rebuild trust within the community. Our primary focus is on protecting our users and securing the integrity of the project.”
As of this moment, SlowMist has not provided further updates as to whether OceansGallerie was indeed involved in a rugpull scam or if the project was simply engaging in liquidity removal, resulting in token concentration. Regardless of the conclusion, SlowMist advises all users to exercise caution while interacting with the platform.
Clearly, the emerging world of blockchain and cryptocurrency is not without its risks and challenges. In this dynamic landscape, vigilance, coupled with robust and proactive security measures, are crucial to ensure the safety of users and the integrity of projects. As the situation unfolds, all eyes will be on SlowMist’s investigation and how OceansGallerie addresses this issue moving forward.
