Scam Project SeaSwap Party Withdrew 30,000 SUI From The Contract

Key Points:

• The SeaSwap project is a ruse.
• It has deactivated its Twitter account and stopped its social media accounts.
• The project administrator quickly withdrew 32,787 SUI from the token sale contract.

SeaSwap, described as a decentralized exchange (DEX) built on the Sui blockchain, allowing users to trade various cryptocurrencies in a fast and secure manner, has become the latest name to cause users to lose confidence in DeFi projects as it became a vanity project after only a short time of launch.

According to CertiK Alert monitoring, the SeaSwap project is an exit scam. It has canceled its Twitter account and suspended its social channels. The project administrator urgently withdrew SUI from the token sale contract, totaling 32,787 SUI ($32,000).

Coincu has also investigated the information about SeaSwap, but currently, there is very little contact about this DEX, and the project’s social pages are currently inaccessible.

SeaSwap promises to be a DEX based on the Sui blockchain, allowing users to exchange numerous cryptocurrencies quickly and securely. SeaSwap, as an automated market maker, employs a central limit order book to offer liquidity and enable users to buy and sell tokens at market rates in real-time. According to the project whitepaper, it provides additional chances for generating income via liquidity providing and staking, in addition to trading. But in reality, this is just a scam project.

DeFi trends continue to rise as the wave of recovery from meme coins and Ordinals is growing strongly. This leads to scammers taking advantage of platforms to perform tricks to steal user assets.

According to on-chain investigator ZachXBT, a crypto project named Fintoch, which purported to be sponsored by investment giant Morgan Stanley, seems to have stolen about $32 million from its members’ wallets, Coincu previously reported. The fund guaranteed customers 1% daily income on their money. Nevertheless, platform customers have begun to allege that they are now unable to withdraw cash from Fintoch.

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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Harold

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