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Another DeFi “rug pull,” investors’ fall prey to massive losses on Project DistX

Another DeFi "rug pull," investors' fall prey to massive losses on Project DistX

Certainly, it seems like DeFi is gaining spotlight in quest of another rug pull as investors proceed to lose money at the cost of Ethereum small caps. Although the projects haven’t completely launched their products and are still nascent. A project DistX, witnessed the crash of its native token by shocking 99% in the past 36 hours. The token then collapsed from the market capitalization of 1.5 million to $15,000. As per CoinGecko, the project officially launched in August and reached a $5.5 Million market capitalization. 

Incepted in August, DistX guaranteed to provide a platform enabling founders to conduct token sales seamlessly. Moreover, it was instrumental in conducting various presales through the platform. The platform had ambitious plans for the DeFi token. It promised DistX token holders to access tokens launched on the platform. Moreover, it also promised investors that a 2% share from the sales would be offered if they possess adequate tokens. After decent accessibility in August, the token hit high before settling into the 6-8 % range over last month.

 Failed Presales behind DistX Founder’s sudden exit

However, two days ago, one of the project founder, Adrian Daluz, declared that they would be terminating the project. The founder also stated that the presales were unsuccessful in drawing adequate attention towards the project. It is also one of the reasons behind terminating the project. Moreover, he believes that the projects’ tokenomics were flawed from the commencement, indicating the project’s termination and lead on.

Notwithstanding this, the team stated that they would not remove liquidity from the project. Furthermore, they would also liquidate the remaining funds into the DISTX coin to help investors benefit from the project. The project’s website is still live. However, all social media handles associated with the project have been taken down. DeFi has observed various projects desert or slowly drain out. However, DistX holders did not heed much to the founders’ rug pull. They expect that the token they invested in would surely return some value in future.

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