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Saturday, July 13, 2024

Pond0x DEX Touts $100M Volume Amidst Scam Allegations

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Image Source: PixabayDecentralized alternate (DEX) Pond0x has reportedly done a full buying and selling volume exceeding $100 million despite scam allegations.

In a most up-to-date post on X (formerly Twitter), the mission’s official channel referred to a Dune dashboard that displayed over $111 million in all-time buying and selling volume as of September 29.

As of now, the dashboard shows a full buying and selling volume of $112.4 million. 

Pond0x’s most up-to-date milestone comes despite issues and allegations of scams surrounding the originate of the alternate’s native token, PNDX.

The controversy started when the mission launched the PNDX token on July 28. 

Critics accused the mission, led by founder Jeremy Cahen (incessantly is named “Pauly”), of being a rug pull or exit scam. 

The issues centered all the plot thru the unconventional formula wherein Cahen launched the coin. 

In a post on X (formerly Twitter), Cahen shared the URL to an app that allowed users to deposit a mounted quantity of Ethereum (ETH) in alternate for a mounted quantity of PNDX. 

He also offered the contract take care of for the token.

In response, some investors purchased the coin on Uniswap the utilize of its contract take care of, while others deposited ETH into the app to receive PNDX. 

Investors Lose $2M in PNDXThe worth of PNDX on Uniswap quick surpassed the worth of the ETH required to mint PNDX, prompting minters to sell their cash on the marketplace for a profit. 

Critics argued that this route of transferred over $2 million from these that bought the coin on Uniswap to these that minted it the utilize of the app. 

The ETH deposited thru the app went into a contract without any methodology of reclaiming the funds, ensuing in allegations that the mission changed into as soon as designed to empty funds from investors and abet Cahen.

Furthermore, coding consultants raised issues concerning the token’s lack of a current transfer honest.

As every other of limiting token transfers to the proprietor, PNDX allowed someone to transfer tokens. 

This intended that PNDX owners had been prone to losing their tokens at any 2nd, as any programmer may perchance well also “possess shut” their PNDX the utilize of developer instruments. 

On July 29, Solidity fanatic and blogger Sm-stack claimed to have performed a sign in Foundry that proved this vulnerability.

Despite these points, Pond0x continues to attract a principal collection of supporters on Twitter, with some expressing obvious sentiments concerning the mission.

For one, crypto vendor and blogger Antony Williams, who claimed to have examined the clean contract code of the app, stated that Pond0x is fundamentally an LP Farm and no longer a full scam. 

The app assigns each and every user an ID, which determines their share of a pool of Pepe tokens. Users can lengthen their Pepe rewards by calling the “BribeforLevelUp” honest, requiring a deposit of 0.26 ETH. 

This ETH is used to snatch Pepe tokens, that are then added to the pool for rewards. 

The alternate also assigns a “Ranking” to each and every user, representing their capacity rewards from buying and selling costs.

Williams notorious that these rewards is doubtlessly no longer straight away claimable, but he believes the developer likely intends to distribute them in the destroy. 

He also instructed that the PNDX token itself is basically worthless, presumably created in this model to steer far from correct issues.

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