DegenTown Rugpull And Magic Eden’s Censoring Question Mark?

The NFT assortment made famous by Solana is a shock rugpull from DegenTown. Major concerns regarding the Magic Eden project’s moderation process are still being raised by the local community.

DegenTown is an NFT collection that has the support of Magic Eden

The business has grown significantly both in terms of market and awareness since its launch.

The project’s Twitter account was hacked in the end of July 2022, and the website URL in the bio was changed to a fraudulent website link. The customer clicks on the website link at that precise moment, is taken to a screen requesting them to approve a phony contract, and loses all of the money in their wallet.

The venture personnel revealed they will return the money that had been stolen on July 26.

But later, well, not later, as they decided to throw the carpet out right after a number of live streams on Twitter Spaces on August 11th.

The official notice regarding this occurrence was not made by Magic Eden until about a week later, on August 17.

In particular, Magic Eden said that it is still advising the DegenTown staff to return the money they received from the sale of NFT. One of the venture’s co-founders, 0xLerk, refunded a portion of the money. The remainder, however, is still in the control of another member named NFTRAmo, who has not yet demonstrated any attitude.

First, a portion of the money will be used to recompense individuals who have incurred harm as a result of clicking on a phony website link on Twitter. NFTRAmo initially pledged to provide this refund but did not. Due to the urgent situation, Magic Eden will promptly locate a third party to assist them in reviewing lost wallets for damage assessment and refunds.

However, the local community’s outrage has not been diminished by Magic Eden’s acts. People continue to attack Solana, the main NFT platform, for its censoring policy. Why are so many “sticky” jobs available for purchase?

Looking back, NFTRamo was mentioned as a venture advisor during the advertising for the DegenTown launchpad. However, it soon became apparent that this was only a ruse to “break the law” and “avoid” Magic Eden. This person is an important team player who has access to DegenTown’s assets and funds.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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