IDO Incidents on Metacraft.pro Project
An explanation of scamming IDO platforms dumping MCTP token
MCTP token (Metacraft.pro) has been listed at 10pm on Sept 8th EST. It was a terrible launch. It is not because of this bear market. It is the scamming launchpads running the project listing into a disaster.
The Most Terrible Scamming IDO Platform — Lunapad (https://app.lunapad.co/#/ )
Lunapad is a terrible IDO launchpad, and a completely scammer. On Aug 23th, Metacraft did an IDO on Lunapad. The agreement terms are as follows:
Picture 1: In the contract terms, it is clearly defined the fund needs to be transferred within 10 mins after listing.
Picture 2: It is also clearly defined that the fund need to be transferred to Metacraft Team within 10 mins after listing.
Picture 3: If the full amount, $300k, is successfully raised, 600k MCTP should be transferred to Lunapad. IDO price for MCTP token is $0.5.
Picture 4: Purchaser Information — Contract signed by Lunapad co-founder,Huey Lee
Based on the information on Lunapad, Metacraft IDO has raised $42,313.52.
In the chat history on telegram, Lunapad co-founder also confirmed the fund should be transferred within 10 mins of listing.
However, this is completely a scam. Let’s go to BSCScan to check the transactions.
This is the Txid that Metacraft transferred 83,888 MCTP tokens to Lunapad upon their request. They even asked for more token allocation while we are doing the token transfer.
After listing, the Lunapad team disappeared from the telegram group until the second day. And of course, they did not transfer the fund to us. However, when we look at the BSC transactions, they transferred the MCTP tokens to MEXC.
Here is the summary for the Lunapad deposit wallet that receives MCTP tokens. Wallet address is 0xcb9d228cde40631126d9be9315e2fda53b28db4b. They received 83,888 tokens. There were 4,627 tokens being transferred to Bulksender that distributed to the actual buyers on IDO.
However, there were 79,260 tokens transferred to MEXC. Their deposit account on MEXC is 0x6d552fecedf5db9aab33fe1197566a6a898d3b03. And here is the summary on that deposit address.
Let’s check the transaction hash, 0x09fb721f09bf0d1e832b411e2d19acee7c8f0cc9cd9db72310fb5bd5ff1e9d53
It is transferred to MEXC at 1:51am on Sept 9th, UTC. The listing time is 2am on Sept 9th, UTC. The following is the poster made by MEXC indicating the announced listing time.
On the second day, we finally got in touch with them successfully. Their excuse is the listing price was below IDO price. They insisted the listing price was $0.15. However, that was a technical setting by MEXC, and there was no actual trading at $0.15 or even close to that price. MCTP price was very stable around $0.5. Even though we had also said if they did not like our price, we were ok to refund investors, but they did not give us back our tokens and did not release the fund. Instead, they transferred all the 79k MCTP tokens to MEXC to dump the price. This is totally a scam.
The following is the 1 minute chart on MEXC on the first day.
The following is the chat history with Lunapad. Lunapad team said they don’t care about the contract!!!!
When we showed Lunapad the contract we signed, they said they don’t care about the contract. They did not give us the funds, and they transferred 79,260 MCTP tokens out of 83,888 MCTP tokens we sent them to MEXC for sale. The rest of 4,627 tokens were sent to the public sale buyers which were also available for sale on the exchange.
Here things became more and more ugly afterwards. When you lie on something, you will have to make up for it with more lies in order to make it looks real. This is exactly what Lunapad has done. As the witness of the entire conversation, Playpad, was pissed by it as well, and terminated the 1 year partnership with Lunapad.
Lunapad insisted the 79k MCTP token transferred to MEXC was a VC account who invested on Lunapad. However, let’s check the transaction on the BSC chain.
0xcb9d228cde40631126d9be9315e2fda53b28db4b is the wallet address Lunapad received MCTP tokens on transaction hash, https://bscscan.com/tx/0x518e9077df996af960fd8f434ee27626dad91bb1633187c5c903e2fe41b5406c
In the following picture, we can see that Lunapad used wallet address, 0xcb9d228cde40631126d9be9315e2fda53b28db4b, made a transfer of 79k MCTP into wallet address, 0x6d552fecedf5db9aab33fe1197566a6a898d3b03 ( Deposit address on MEXC)
Now, let’s see the wallet address, 0x6d552fecedf5db9aab33fe1197566a6a898d3b03 (Deposit address on MEXC)
This wallet address sends all the MCTP to MEXC main wallet, which means 0x6d552fecedf5db9aab33fe1197566a6a898d3b03 is the deposit address on MEXC. Lunapad used the wallet address received MCTP tokens from Metacraft team making a direct deposit into MEXC. Therefore, Lunapad did not even transfer these MCTP tokens elsewhere. There is no such thing called a VC account.
In addition, it is also ridiculous for an IDO Launchpad who can even get one investor to buy out 79k MCTP out of 83k MCTP tokens. Metacraft team asked Lunapad team to provide proof of the VC transaction to Lunapad for buying such an amount of token. Of course, Lunapad was not able to provide such proofs, because there was no such investor. This was just one of the excuses and lies to cover up their scamming behaviour.
Playpad team is the witness of this entire incident. The CEO of Playpad, Onur Isik, wrote this.
We did a further investigation on Lunapad. And, we were shocked that as an IDO platform, Lunapad does not even properly use the smart contract pool, the data shows on their website runs on the centralized database. They manipulated the number in the database to show fake fundraising numbers on their website.
These scamming behaviours resulted in a very terrible impact towards MCTP token price on MEXC. Until now, Lunapad team still refuses to transfer the funds to us. However, they have dumped all the MCTP tokens on MEXC.
Another Scammer is Matic Launchpad (https://maticlaunchpad.com/ )
Matic Launchpad did not make actual public sales, they transferred all 100k MCTP tokens into MEXC account to dump the price.
Metacraft team has transferred 100k MCTP tokens before listing to Matic Launchpad on transaction, https://bscscan.com/tx/0x0aa541808daecf04bd5b572c625aebfd0681daa0c7f52ffd29a7ca44d5297e27
Deposit address of Matic Launchpad to receive MCTP tokens is 0x3110cc392aeb901db5f5cf0f23455b7871bf5322.
Matic Launchpad made two transactions to transfer all MCTP tokens into 0xa07fdd84b3424d3ea368743a314a5034dda6294a
On BSCScan, we can see they transferred all tokens into 0xea197c2e4760b0545ab375b3c4b23c1ad50a295f
This wallet address belongs to MEXC, because all these tokens in this wallet address were transferred to MEXC main wallet.
We’ve clearly pointed this out to Matic Launchpad with all proofs. A few days after listing, Matic Launchpad transferred back a bit less than 50% of the fund and 25% of the tokens.
All of these lead MCTP to a bad token price outcome. For such a reason, Fantomlive only transferred 50% of the fund raised to us. We’ve communicated the situation with Fantomlive. They said they did not realise we have done IDO with Lunapad as Lunapad IDO was more than 1 week earlier than Fantomlive. Otherwise, they will notify us as they were also been scammed by Lunapad before.
However, unlike Lunapad and Matic Launchpad, we had a very good experience with Diviner Protocol and Gagarin Launchpad. Even though they were impacted by the price dump and investors asked for a refund, they did exactly what we had agreed to in the agreement. Diviner, Gagarin as well as Genshards did their best to promote and market our project during IDO. We are looking forward to working with them in the future and recommend other projects to launch IDOs on their platform