RYI Unities’ eventful beginnings were short-lived once it was made apparent that 1 million RYIU tokens were sold on the market. These funds were traced back to a previously compromised RYI Unity team wallet.
Introduction
A little more than a month after its launch, community-based crypto project RYI Unity token seems to have hit a rough patch. RYI had built a steadfast community around its token. A few months after its launch, $RYI migrated to the Binance Smart Chain (BSC) to capture the growing market share and take advantage of the low fees. As it migrated, $RYI (a permissionless DeFi ecosystem that combines Staking & Farming services) was relaunched as $RYIU on the 15th of March 2021. RYI Unities’ eventful beginnings were short-lived once it was made apparent that 1 million RYIU tokens were sold on the market. These funds were traced back to a previously compromised RYI Unity team wallet
Red Flags
Users started raising alarms on the claims of migration from the Eth blockchain to BSC. First, RYI had a falling out with an NFT marketplace, Nifty NFT, and RYI had to be delisted. According to Nifty, RYIU failed to deliver on its promises. However, things would take a heated turn with both parties Nifty NFT and RYIU throwing blames back and forth on who was responsible for the falling out. However, RYUI tried to back itself up with proof from Smart contract auditing services, Solidity Finance. They claimed that it had a team of people dedicated to the project as they were KYC verified.
Things took a turn for the worse when the project’s official telegram page had to split into two when a backup page was created. Investors also began raising alarms on different issues. One investor claimed that the LP BNB had been drained of over 3000BNB. Another user debunked the idea with proof that no Large LP was removed.
One thing remains in question, what happened to these stolen funds? The team claims Jon Wier, one of the project’s founders, pulled and is no longer on the project as at the time of writing. Other team members have been silent on commenting while investors are demanding that a refund be made. As of the time of writing, the Value of $RYIU has moved from $0.174 as of April 7th to 0.0080
Source : bsc.news
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