Is this a Rug Pull for Fantom?

in LeoFinance2 years ago

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It seems that two of FANTOMs developers are leaving the project and by doing so terminating 25 apps and services.

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Most notably:

http://yearn.fi (use http://yearn.finance)

http://keep3r.network (use http://thekeep3r.network)

http://multichain.xyz (use http://multichain.org)

http://chainlist.org (lots of people replacing it)

http://solidly.exchange

http://bribe.crv.finance

Now many responses to this tweet are calling this the biggest Rug Pull ever, others are questioning how developers can shut these dapps as they are supposed to be decentralized.

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I think there is no such thing as fully decentralized dapps as the infrastructure needs maintenance, but what do I know. I know that I think it´s weird that a company like FANTOM with over 40 full-time employees and 100 part-timers can get this impacted by two of their devs leaving.... and as per one of the tweets they are leaving and not coming back.

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On the other hand, I know that many companies rely on bottleneck developers that are key to the survival of their products.

Anyway, the news has sent the price of FTM down quickly and normally I would buy the dip if there is blood on the streets...but it seems like these guys were the heart of the project and a heart transplant takes a lot of time and is a risky operation....

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So for now I sold my FTM that was not yet at a loss and see how hard they get dumped on tomorrow when the story is widely spread and maybe, maybe buy back some. But this huge impact tells me too much about the solidity...or better lack of solidity of this project.

I still wouldn´t call it a rug pull, as there is more to FTM than these guys.... but I am doubtful about calling it an opportunity at this point in time.

Thanks for the read, feel free to hit the like button and let me know your thoughts and what I am missing in my rambles.

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HOLY SHIT, I was wondering what was going on! I dont own any myself, but I feel for those who are away for a few days, the price is going to continue to get REKT, you are smart to sell when you did.

This is absolutely straight up robbery, only giving people 1 month notice before shutting down all of those services! So after that whatever hasnt been withdrawn I am assuming they just steal it?! I mean what other scenario is there exactly? It would take ages and millions of dollars in fees to refund everyone right? Not to mention even if they wanted to, some people send to these platforms from exchanges or old wallets that they dont use any more, so simply refunding to the last address that sent to them, would only partially solve the problem.

This is absolutely a killer blow for Fantom though, the backlash for this is going to be HUGE< even for those who dont use these platforms. I think 6 months from now Fantom will be dead or on life support, this is such a huge scandal that there is no coming back from this...

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THIS is why I tell people that the majority of your portfolio should be in REPTABLE trusted blue chips, these new projects that have only been around/people have only started using for a year or two or less, we dont know enough to trust them yet.

Look at all of the scandals and train wrecks from Solana, cardano (been around for years, but SC is new, Charles always lying about things), Tron (CEO abandoned the project), etc, and now Fantom. Most of the train wrecks this past year have been from younger projects.

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Yup I am starting to see that more and more myself