Too good to be true? It’s probably not. Following the stellar rise of Satoshi VM, what might be considered the most blatant airdrop scam in recent history pollutes the crypto space. The community trust was turned to rubble and MacnBTS, a man who reportedly introduced Ape Terminal to Satoshi VM team, most likely regrets his every action.
Apparently, The Ape Terminal has been involved in fraudulent activities during various IDO launches on their platform. In a shocking revelation, it appears that out of the 200,000 wallets that applied for the IDOs, all 10 winners per IDO were members of the Ape Terminal team. To make matters worse, they imposed a 25% fee on the participants, which they retained for themselves. Terrible? This is where the story starts.
The Ape Terminal – an airdrop gone wrong
Building upon the recent hype surrounding the world of crypto launchpads, where innovation meets opportunity, Ape Terminal emerged as a promising project. Boasting a seasoned team and revolutionary tech, it caught the attention of many investors. However, recent revelations suggest a dark underbelly to Ape Terminal’s operations, with accusations of rigged IDOs, deceptive metrics, and team profiteering.
Ape Terminal caught my attention at the end of last year with its impressive branding, experienced team, and promising technology. However, my initial enthusiasm waned after observing some concerning aspects in the first few launches. The lack of transparency in winner selection, absence of a winners list, minimal winners in the public Telegram chat, substantial ticket sizes, and an unclear point system raised doubts in my mind.
My suspicions grew, and I sought definitive evidence to confirm my concerns about Ape Terminal’s business practices. To my disbelief, the team displayed blatant recklessness by leaving undeniable proof that they had taken the entire 100% allocation of SatoshiVM (SAVM) for themselves, leaving no room for any other winners.
Ape Terminal had secured 1% of the total token supply of SatoshiVM ($SAVM) with straightforward terms for the public sale – a $100k raise with 100 winners each receiving a $1k allocation. Despite the simplicity of the process, Ape Terminal exhibited a lack of transparency, making it easy for the team to allocate all the tokens exclusively to themselves.
A detailed look at Satoshi VM malpractice
Now you have a gist of the trainwreck this rigged IDO imposed on the whole community. However, there’s still room for digging deeper into the entire scam. 2024 has just begun and we have an ambitious contender for the title of the year’s biggest crypto scam. Let’s break it down.
The Satoshi VM (SAVM) Allocation Scandal
Ape Terminal’s credibility took a severe hit when on-chain evidence surfaced, exposing the team’s alleged misappropriation of the entire SatoshiVM (SAVM) allocation. The damning evidence points to a series of transactions that culminated in the team retaining 100% of the SAVM tokens meant for public sale participants.
The on-chain evidence can be traced through the following transactions:
- Token allocation to Ape Terminal team
- Subsequent transfers and token distribution
Here is a link to the Etherscan of SatoshiVM token.
Dubious Winner Selection Process
The transparency concerns extend to Ape Terminal’s winner selection process, which purportedly relies on a point system. However, the lack of a winners list and the presence of only 10 winners in a supposed 100-winner event raises suspicions. A detailed investigation into the winning wallets reveals a pattern of inactivity before Ape Terminal’s existence, winning multiple IDOs, and low fund amounts.
False Advertising and Deceptive Metrics
Ape Terminal faces further scrutiny for allegedly falsifying token metrics and misleading investors. The discrepancy between advertised returns and actual performance on IDOs like SatoshiVM raises questions about the platform’s integrity. The team stands accused of using metrics from other platforms, such as Bounce, to promote their own success.
Team Profiteering and Mismanagement
Investors allege that Ape Terminal’s primary objective was not to provide a fair launchpad for retail users but to enrich the team. The investigation into various IDOs hosted on Ape Terminal suggests a pattern where profitable projects are retained by the team, leaving retail investors with losses. The platform’s 25% fee structure, even on losing projects, adds fuel to the fire.
Hatu Sheikh’s Involvement
The investigation into Ape Terminal points to Hatu Sheikh, a former CMO of DAO Maker, as a key figure behind the project. While limited information is available about Hatu, his association with Ape Terminal raises questions about his business conduct and past affiliations.
What’s next for SatoshiVM and The Ape Terminal?
Ape Terminal, once heralded as a beacon of innovation in the crypto launchpad space, now faces severe allegations of misconduct. Rigged IDOs, deceptive metrics, and team profiteering have cast a shadow over the project’s reputation. Investors are left questioning the integrity of the team and the future of Ape Terminal. As the crypto community awaits further developments, transparency and accountability are paramount for the sustained trust of the community. (When) will we see legal actions?
Well, unlike Satoshi VM, blockchain is transparent and all actions are logged. The team announced a short notice AMA session to address all the pending questions. My gut tells me questions are going to be plentiful and tough. Are you one of the curious ones? Just hop on their AMA today at 1:00 PM UTC.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.