Poor decisions by the devs and the influencer show that crypto is still very much in the wild west.
Aren’t influencers annoying? It’s easy to fall for the classic bait that exists across Twitter. Crypto Twitter was enlightened to a story this weekend that showed the perils and tribulations of a botched marketing deal that led to a nearly dead project.
The token coin $IslaInu fell victim to poor practices by their developers and amateur crypto behavior from a Twitter influencer, Rea, @moon_guurl. The project got rugged, and we’ve got the summary here.
The events broke on Twitter by @zachxbt, whose thread divulged the details of the messages between the $Islainu team and Rea. The nanocap token appeared desperate for a quick shill and did not foresee that the offer they gave Rea for a few tweets would come back to haunt them.
“Here is the deal that REA & the team agreed to. 1% of the supply (Ik lol) for a promo Tweet about the project. Initially the team pushed for vesting w/ presale access but she repeatedly declined and said she wouldn’t sell large amounts,” explained @zachxbt.
The influencer went on to twice promote the coin via tweet without disclosing her payment or agreement with the developers of $IslaIna. Any look at Rea’s profile will see that this influence shills her projects based on her sex appeal and almost nothing else.
Rea began to skim dump her tokens as requested, but all eyes pointed at Rea when a major drop occurred. Ultimately, the undisclosed shill is not a problem until the token took on the value that bloated the 1% of supply in possession by Rea.
“Soon after a large sell happens and a team member pre-emptively messages Rea since she holds a 1% of the supply. They immediately apologize however. They ask her to buy back the ones she’s sold but eventually does. This is where things start to go downhill…” writes @zachxbt.
Having the crypto influencer with a 1% token supply was no longer a good look. FUD grew around the token as the community interpreted Rea’s skimming as the dumping of a dev.
An argument between the devs and Rea broke out in messages. The $Islainu team pleaded with Rea to take a deal on the 1%—she agreed to take around 7 ETH, or $28k. However, Rea ultimately reneged on returning the tokens while Rea feigned sexist discrimination and a mental health breakdown for her inability to cope.
It was all too much for Rea. She passed the tokens to an alternative wallet but didn’t pass on the word about dumping the tokens. The wallet dumped 22.8 ETH, nearly $100k, and rugged the entire project.
This whole story is a nightmare of crypto proportions. The wild west of crypto was on full display in the nitty-gritty of this rigmarole. Did the team screw it up? Did Rea act unethically?
The first red flag comes with the 1% offer. An offer of this size for such a small coin is irresponsible by the developers despite the reassurances from Rea that she would not dump the token. The irony is that she actually did not even dump them in the end—she offloaded them to a ‘friend’ who does.
The low cap of the token is the true catalyst in this debacle. Sure, giving away 1% of the token supply is foolish by any means. But the token’s developers set the situation up for failure by not foreseeing that 1%
The lack of discourse came back to bite Rea and the $Isainu team, but the fear beset upon the community that 1% of the supply was held by one amateur influencer grew more than anyone could handle. The project is still battling the woes and looks to over come its misfortunes.
“I would be very careful going forward dealing with someone who has acted like this. It is not someone you want to work with…Do you really need an “InFlUeNcEr” that bad?” tweeted @zachxbt.
Source : bsc.news
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