Author: IceFrog
To be honest, I have seen many projects in the crypto that try to make money, but it is rare to see a project like BalanceWeb3 that cheats, burns, and bites back in the end. They use "node incentives" and "airdrop mechanisms" to wrap up the scam, and use the so-called long-term development of the project to decorate the harvest, but what they cover up is nothing more than a long-planned zero-sum scam.
The most disgusting thing is that this project not only wants to drain the community, but also wants to use the blood of community users to exchange for a channel to cash out on Binance.
1. The beginning of the scam: fake roadmap, fake financing, fake airdrop, real rat trading, real deception
1) Fake roadmap: The official website initially promised that TGE would be in November 2024, but later quietly changed it to March-April. Not only did they delete the original page, but they also banned users who questioned it. Behind the cover-up is the guilty conscience of the schemer.
3) Fake airdrops: When selling nodes, they claim to have “exclusive airdrop opportunities”, but in the end, they distribute the same airdrops as other users. There is no exclusivity at all, only dictatorship.
4) True insider trading: Nine of the top ten addresses in the NFT whitelist are suspected to be reserved by the team. There is no interaction, no activity, and unified gas, and the signs of a scam are extremely obvious.
Verification link:
5) True deception: NFT promised “significant incentives”, but in the end they were just discount coupons; mining nodes promised “exclusive rewards”, but in the end they were maliciously locked for 120 days.
The most ironic thing is that the earlier users participate and the more they spend, the more they will be cut.
2. The climax of the scam: From inducement to counter-attack, everything was premeditated
Please see the final airdrop collection mechanism:
1) Abnormal claiming: Trading starts at 8:00, claiming starts at 8:00, but still cannot be claimed after 9:00;
2) Binance Alpha users: Each user will receive 3,500 $EPT, approximately $12 USD, unlocked immediately;
3) Hard-working mining users: spend several months, purchase costs up to 600 US dollars, only get 6,000 EPT, and need to lock up for 120 days;
4) If you withdraw in advance: you can only receive 15%, and the remaining 85% will be destroyed by the project party. You paid for mining, but you still have to pay out of pocket.
Combining the above four points, it is not a so-called technical problem of the project, but purely a part of a fraudulent project. The project party has used "user lock-up + penalty destruction" to build a legal robbery system disguised as a mechanism.
The whole fraud logic is:
Use node sales to trick users into paying; use token distribution to trick users into mining; use a penalty mechanism to prevent users from withdrawing funds; and finally divert all value to Binance users, using delayed airdrops to complete targeted cash-outs.
All the above signs, from the beginning to the final mechanism adjustment, prove that the project is either a so-called makeshift team or a long-planned conspiracy to defraud.
3. Behind the scam: What role did Binance play?
When scam projects use community resources to feed themselves and are packaged into Binance Alpha, we cannot help but ask: Binance, are you really screening projects, or are you screening "projects that will give away money"?
The official introduction of Binance Alpha reads: "The tokens on the Alpha platform are selected through industry expertise and advanced analysis... We focus on the deep integration of community enthusiasm, growth and crypto ecological trends."
So here comes the question:
Where has your expertise gone? Can’t you see the fraud in financing? Can’t you see the fraud in information? What is your advanced analysis? Can you identify that “the project side is cutting hard” means growth? Is your “trend judgment”: as long as you can suck blood, even if it is the community’s blood, you will take it all?
Stop using "Binance does not endorse listed projects" as a fig leaf. You have received the project's tokens, and these tokens are bloody chips, and each one is the blood of community users. Don't you have any reverence at all?
Is Binance Alpha going to become a high ground for fraudulent projects to whitewash themselves? And will it eventually become the starting point for retail investors to jump off buildings?
This is not an ordinary scam, but a scam that takes place openly in broad daylight. The stage is Binance, the actors are Balance, and the ticket price is the trust of the entire community.
Balance must be held accountable for this, and Binance must also be held accountable for opening the door to thieves.
Today's cries and rights protection are not about FUD because of losing money, but a public trial of these evildoers. Even though my power is limited, I still want to say: Damn fraud, damn Balance.
Finally, I sincerely hope that Binance, as an industry leader, will truly take responsibility, stop deceiving itself, and stop turning a blind eye. As a platform that carries the expectations of many users, it should at least not condone fraud, and at least should not condone those project parties that wantonly harvest users.
I believe Binance is still the dragon slayer.
