Another shocker has been given to a certain group of cryptocurrency users. The shocker is for the users of Polywhale Finance. It has been reported that Polywhale Finance has been abandoned abruptly by the developers of the project.
Polywhale Finance is one of the most prominent and popular yield farms, currently leading the particular sector. However, the project has reportedly been abandoned and there is no idea as to where the developers of the project are.
There are now speculations that the project has been abandoned by the developers and they have exited the project. This would mean that the developers of the particular project have carried out a rug pull, carrying out an exit scam.
The reports suggest that the exit scam reportedly carried out by the developers is worth over a million dollars. The information has been made public by one of the digital media reporting firms known as Crypto Briefing on Monday, June 21, 2021.
The users and the market observers are accusing the developers of the project of carrying out the exit scam. At present, the users/observers are calling it the “soft rug” exit scam. In this particular type of scam, the developers proceed with liquidating their tokens.
The developers had reportedly carried out the sale of the tokens and they did it while the entire cryptocurrency industry was experiencing a price collapse.
There are many who have studied the official group of Polywhale Finance project on Telegram before coming to their conclusions. They have stated that the project was demonstrating extremely poor tokenomics. The project was hardly paying any attention to the outlook of the market and was providing negative information.
Moreover, the competition is constantly growing in the cryptocurrency markets and the project was not able to keep up with it. The trends are also changing in the entire cryptocurrency market and this is the reason why the situation is changing throughout the crypto-space. Therefore, the project pulled out as it was not able to offer something new or attractive to its users.
The users are also claiming that it was not because of the provided reason that the developers made an exit. Many users are claiming that the developers had planned the exit since the start as they did it right away and with malicious intent.
The users are also complaining that ever since the shutting down of the project, the Telegram group for the Polywhale Finance project has also been closed. This is the very reason why many people have come to the conclusion that the project has been plagued by fraud from the developers’ end.
The yield farm was launched back in April of 2021 and since then, it had registered over 75,000 active users. Now all of the users are devastated and concerned due to the recent fraud that has taken place on the project.