A project named AcceptCrypto launched on March 28 and saw a 12,000% increase before dropping to almost nothing.
The two creators, Matt Wallace and Miles G, were both cryptocurrency influencers who are now under scrutiny for an obvious rug pull scam.
Wallace was quick to deny all allegations through a statement made on Twitter. In the statement he passed the blame on to Solidity Finance, a company which had been tasked with creating the smart contracts for the project.
Wallace said: “The launch had not gone as planned” while many on Twitter were quick to point out that the liquidity for the project had been immediately pulled from exchanges.
Solidity Finance responded to the allegations with a statement that said: “This is disheartening for us to hear since the code works perfectly. We created working code for them, had other senior analysts audit it, and then handed that code over.”
Solidity Finance also added that it “[had] absolutely no control over the project, on-chain or otherwise”.
Wallace has removed a lot of his old Tweets which promoted AcceptCrypto and has flooded his Twitter with endless and pointless posts with hype about Dogecoin.
Wallace’s recent tweets make it seem like nothing ever happened and his posts are cheerful and include occasional happy selfies about his love for Dogecoin.
The AcceptCrypto Twitter is posting that it will try and make amends with those who purchased but are still posting rumors that Solidity Finance was behind the poor launch.
AcceptCrypto retweeted a post by an influencer which stated that “ppl couldn’t sell, then bots dumped”. This comment makes little sense as bots do not have any additional authority to do transactions which users cannot do.
Wallace is a long-time cryptocurrency influencer who gained fame through the Dogecoin community. He ran a private community which required being a patreon supporter to participate.
The original name for his project was AcceptDoge but was forced to rename the project after Dogecoin co-creator Billy Markus threatened to sue for trademark violations.
In Wallace’s statement about the “poor launch” he seemed more interested in losing his Patreon supporters than finding a way to get their money back.
It will be interesting to see if this investment scheme which caused users 99.9% of their funds will be investigated by any government agencies.