- IBX (ARTIC) has been accused of a rug pull.
- The development came after the project raised millions in a presale event.
- Users are now demanding a refund.
IBX (ARTIC), a newly launched crypto project, has come under intense scrutiny following claims that it defrauded investors of millions after a presale event.
IBXโs October 15 presale event garnered massive support, raising $24 million in SOL instead of the initial $3.2 million target. Before the presale, the project had promised to refund any SOL that exceeded its fundraising goals, noting that it would only give tokens to a small circle of selected participants.
IBX Fails to Refund Investors
On October 18, the IBX (ARTIC) shared a post on X, claiming that it had returned 65,000 SOL ($9.75 million) to non-selected participants, down from the expected $21.8 million. The team said it increased the presale limit through a community vote that elected to launch the token ARTIC at a market cap of $50 million.
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While the decision to launch ARTIC with a higher market cap raised red flags about the projectโs legitimacy, scam fears ensued when users claimed they hadnโt received the 65,000 SOL refund.
An X user identifying as a crypto trader and investor alleged that no single person on IBXโs comment section received a refund, a claim the project addressed vaguely.
โWe are aware of the current community dissatisfaction and are doing our best to resolve it. We are doing everything we can to fix the situation and will share next steps ASAP,โ IBX wrote.
At the same time, Orderly Network, the platform accused of incubating IBX (ARTIC), distanced itself from the project and ruled out the possibility of any future collaboration. Orderly Network said it was โactively investigatingโ the allegations against IBX and would take the necessary steps to โsupport the community.โ
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