Snowfall Scam
The most recent Scam
Last updated
The most recent Scam
Last updated
Snowfall Protocol’s fraudulent operation just concluded a few days before the time of writing this report. Investors lost $5,000,000 just from this scam alone. Orbeon Protocol is next, and the scammers have already raised $7,000,000 at the time of writing and planning to raise $10,000,000 by 4th April.
In the case of Snowfall Protocol, the team behind it claimed that it would launch at a price of 0.20c per token. However, the coin launched at $0.00008, far lower than what they had promised and way below the presale stage prices that investors paid for. The scammers pulled a rug pull and ran away with millions while leaving all investors with huge amounts of worthless tokens.
These operations keep defrauding investors of hard earn money and they keep repeating themselves under different names, websites, and tokens while always being orchestrated by the same fraud ring.
During the initial hour of the Snowfall Protocol launch, the fraudsters claimed that the token the investors saw live at $0.00008 was a fake token and advised all investors to stay calm and wait for further announcements about the launch. After 2 hours, the fraudsters said it was indeed the Snowfall Token and planned to add only $50,000 in liquidity instead of $2 million of the $5 million raised in the presale.
Everyone that invested in the presale lost 99% of their money to the scammers. The Snowfall protocol team, the fraudsters behind the previous and current identical scams, continued stealing more money from investors buying the Snowfall token in the open market by dumping their tokens when the price increased slightly.
