The cryptocurrency project IBX, which raised over 160,000 Solanas in a recent presale, is under suspicion of fraud. Details of the incident and reactions from industry participants.

Suspicions around IBX

The IBX project gained attention after raising over 160,000 Solanas (approximately $24 million), sparking suspicions of potential fraudulent nature. The presale aimed to raise $3.2 million and refund participants who were not selected.

Industry Reaction

Orderly Network and MEXC exchange expressed concerns regarding the project. Orderly Network, previously supporting IBX, now stated it ends any future cooperation. MEXC decided to postpone the ARTIC token listing, enhancing doubts about the project’s legitimacy.

Situation Analysis

Crypto analyst Anon Vee noted the claimed refund amounts are distributed to addresses controlled by the IBX team without sufficient evidence of refunds to participants. The ARTIC token's market cap initially was $50 million but dropped to $6 million, further disconcerting investors.

The situation around the IBX project highlights the issues of transparency and trust in the cryptocurrency industry. The community awaits further developments and official statements from the project.