Is 0xSocialDao Project a Scam?

Key Takeaway:

  • 0xSocialDao was set out to form a DAO to build next-generation Web3 products. They want to develop an ecosystem for the next generation of Web3 social networking protocols.

Recently OxSocialDAo has announced their Airdrop. Almost 1,000 people got the Airdrop for free. 0xSocialDao’s Twitter account is now deleted, and their $Social token has dropped in price.

Oxsocial Account
OxSocial Account

After visiting their official website, we have found that they have discontinued their DAO & $SOCIAL Token. They have said that after considering the community feedback on the Airdrop of $SOCIAL token, they have decided to reinvent their organization. They have also said they will re-launch as a private company without DAO. This also eliminates the purpose of the $SOCIAL token.

The team has urged everyone not to buy the $SOCIAL token. We could trade and get ETH back regardless if we got the free Airdrop from Uniswap. We can swap airdrop tokens after a five-day vesting period. In the conclusion message, they said: We are here to stay and build awesome products! Stay tuned

We advise our readers to avoid such projects and always perform proper research before investing.

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Yash Kamal Chaturvedi

Btech Computer Science, Maharshi Dayanand University, Rohtak (2023)

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