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Altcoin Development Team Regains Access to Locked Assets After a Year: Concerns of Major Fraud Arise
After a year of struggling to access their funds, an altcoin development team has finally recovered their assets. However, suspicions of fraudulent activities now loom over the project.
Writer:
Mete Demiralp
08.06.2024 – 13:33
Update:
6 seconds ago
0
A significant event unfolded today within the Gemholic project, a part of the zkSync ecosystem.
Approximately a year ago, all funds belonging to the Gemholic development team were inadvertently locked and inaccessible due to a glitch in the project’s smart contract. In a recent development, zkSync successfully implemented its latest update, v24, granting access to the previously locked funds.
Upon regaining access, the Gemholic developers retrieved the 921 ETH that had been trapped in the contract and transferred it to the Ethereum network.
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Given the absence of any official communication from the development team and the subsequent withdrawal of funds from the zkSync network, there are now serious concerns of a potential rugpull scam associated with the Gemholic project.
The Gemholic zkSync network wallet currently shows no remaining assets.
Rugpull is a deceptive practice where a team collects funds from investors through token sales, only to abandon the project, abscond with the raised capital, and leave investors with worthless tokens.
*This content does not constitute financial advice.
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