CertiK identifies CryptoCars as 'rug pull' a false alarm

During market downturns, rumors of cryptocurrency bans, and decentralized finance (DeFi) scams, blockchain enthusiasts can be hypersensitive to the smallest anomaly in the projects they care about, sometimes falsely fearing a turnaround. The day before, CertiK, the leading cybersecurity ranking platform in the blockchain space, tweeted a warning about CryptoCars, claiming it was a "rug pull" (meaning a crypto developer suddenly abandons a project and winds it up without warning). investor funds). However, staff quickly deleted the post as it was a false alarm.

In a series of screenshots of tweets obtained by Cointelegraph, CertiK first claimed that CryptoCars’ website and Telegram were down. However, users were quick to point out that the CryptoCars website and Telegram app were still up, causing CertiK to take down the community alert.

According to CryptoCars’ developers, the project’s Telegram chat will be temporarily down “until the end of the Lunar New Year, which runs from Jan. 27 to Feb. 7.” The development team of CryptoCars is based in Vietnam, which is celebrating the Lunar New Year holiday.

A source at CertiK gave the following statement to Cointelegraph regarding the incident:

“Incident reporting, while complex, is fast in nature and aimed at alerting citizens to the latest suspicious activity. In this case, we noticed that [their] Telegram went offline, their funds dropped to zero, and the $CCARs site was unable to used. This raises a possible rug pull alert."

Despite this mistake, CertiK has done a lot of good for the blockchain community. Just the day before, it issued a verified community alert for Qubit Finance after the protocol suffered an $80 million hack.

Launching in September 2021, CryptoCars is a non-fungible token (NFT) racing game. In the play-and-earn mode, players are required to purchase NFT cars minted on Binance Smart Chain for 6,600 CCAR through a blind box created by its developers, or from another user for a starting price of 490 CCAR. According to its official website, the project has 721,683 players, 582,666 NFT cars, and 248.8 million in-game transactions. It also has more than 124,500 followers on Twitter.

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