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CryptoCars: Certik’s rug pull claim was a false alarm

CryptoCars

TL; DR Breakdown

  • Certik’s claim on CryptoCars was false
  • The developers took the website down for the holiday
  • Certik issues update on the previous alarm

Over the last few weeks, the market has been boiling due to the different activities occurring in the crypto space. Ranging from digital assets trading at a decline to scams and hacks, investors were trying to protect their funds at all costs. In the heat of this moment, Certik, one of the leading blockchain analysis websites in the market, told users to steer clear of CryptoCars. During the period, the statement from the company mentioned that CryptoCars was a rug pull, but that statement was quickly erased from the website in no time.

CryptoCars was offline to celebrate Lunar New Year

Backing its claim up at the period, Certik obtained a series of screenshots that showed that various social media and official websites of CryptoCars were inactive. After the update, users alerted the data analysis company to inform them that things were still going well with both the website and its social media, Telegram.

This was all Certik needed to delete the update claiming that CryptoCars was an attempted rug pull. Going by the statement from the officials of CryptoCars, its Telegram group would be inactive during the period of the Lunar New Year. This is because the development team and the team that controls the group’s activities are originally from Vietnam. The group would not be open from January 27 to February 7.

Certik issued an update on the false alarm

Following the apparent error, Certik has swiftly issued a statement where it claimed that their updates came as soon as they discovered that the websites were down. Asides from the CryptoCars websites going down, their funds reading returned to zero. Although it has been caught in this one error, Certik has been a very dependable platform for the entire crypto market.

Before releasing the CryptoCars update, it alerted the community of a problem related to Qubit Finance. The protocol suffered a hack that saw criminals cart away close to $80 million a day after the update. CryptoCars entered the crypto market as an NFT car racing game as far back as September 2021.

Using its play-to-earn method as an edge, users were required to mint or buy cars at a specific price. A peek at its official website shows that it houses more than 700,000 players. Asides from that, traders have been able to carry out 248.8 million transactions since inception and minted 582,666 cars. The project has also become somewhat famous on Twitter with its massive over 124,000 social media following.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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