IBX Presale Rug Suspected After Raising 160K SOL in Pre-Sale

Key Points:

• IBX Presale Rug concerns have emerged after the team failed to refund participants as promised, following a $24M presale.
• The ARTIC token price crashed from $50M to $6M market cap, fueling fears of an IBX Presale Rug.

IBX Presale Rug raises suspicion after collecting 160k SOL ($24M). No refunds were issued as promised, and the ARTIC token crashed from $50M to $6M market cap.

IBX Presale Rug Raises Concerns Over Mismanaged Funds

The presale of IBX ($ARTIC) has so far raised over 160,000 SOL ($24M), while participants have begun reporting missing refunds. Later, a crash from $50M to $6M market cap showed up. Orderly Network was initially a part of it but has now pulled out and stopped further cooperation after community backlash over the mismanagement of the funds, according to Anon Vee.

Read more: AnubisDAO Rug Pull Backs After Nearly 3 Years With Suspicious Transactions

ARTIC Token Faces Fallout in IBX Presale Rug Allegations

However, IBX reportedly gave back only $9.7M SOL after the presale participants were expecting more than $21.8M in refunds. According to the users, no valid refunds were received, and this triggered rumors of a rug pull.

The ARTIC token listing on MEXC and LBank was also criticized as the team was accused of manipulating the token’s value which saw the market cap drop considerably in a few hours.