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Orderly Network’s IBXtrade Accused of Misleading Investors

Market Musing-g

Orderly Network’s IBXtrade Accused of Misleading Investors

6 months ago

•

3 mins read

Orderly Network’s IBXtrade Accused of Misleading Investors

ARTIC Launch

IBXtrade’s presale raised $24 million, leading to refund controversies.
Poll on IBX’s site resulted in increased cap, not full refunds.

In a disheartening turn of events, the crypto community is reeling from revelations surrounding a presale conducted by IBXtrade, a project incubated by Orderly Network. The presale, which commenced three days ago with the aim of raising $3.2 million, instead garnered an astonishing 160,000 SOL (approximately $24 million). Participants anticipated refunds totaling $21.8 million for those not selected, leading to expectations of transparency and accountability.

However, the situation took a dubious turn when IBX’s team conducted a poll on a website fully controlled by them, asking participants whether to raise the funding cap or adhere to the original limit. The poll resulted in a decision to increase the cap, allowing the team to refund only 65,000 SOL (around $9.7 million). The team claimed to have issued these refunds, but reports from participants indicated that not a single person in the comments section received the promised amounts.

Did a new rug just happen?@IBXtrade is incubated by @OrderlyNetwork

IBX launched a presale 3 days back with the aim to raise $3.2m and refund non-selected participants

The presale ended up raising over 160k SOL ($24m)

Participants expected $21.8m to be refunded but guess… pic.twitter.com/3rc6E5GQ6N
— Anon Vee (@AnonVee_) October 18, 2024

ARTIC Launch

Adding to the controversy, the IBX team swiftly launched a new token called ARTIC, debuting with a market capitalization of $50 million. However, before presale participants could claim their tokens, the market cap plummeted to $6 million, raising questions about the integrity of the operation. The claim page for ARTIC was not created until after the launch, further compounding suspicions.

Exchanges such as MEXC and LBank have listed ARTIC, but the community remains frustrated and skeptical. Many participants are calling for refunds or legal action, expressing their discontent with the lack of accountability from the IBX team.

Orderly Network has distanced itself from the incident, asserting that the presale and subsequent actions were executed solely by IBX and ARTIC. As the dust settles, this incident underscores the pressing need for vigilance in the rapidly evolving crypto landscape.