Is Chedda Token a Scam Project?

Key Takeaways:

  • Chedda Token has seen a sudden price drop of more than 54% around 6 am today.
Chedda Price
Chedda Price

Below is a quick overview of this Project.

Chedda Project has described itself as a first-of-its-kind Utility Culture Token that gives holders access to exclusive community experiences.

CHEDDA has a 3% fee on every transaction; 1% is burned forever, and the other 2% is distributed to the CHEDDA team for continual development of the Project. Burning tokens on every transaction makes CHEDDA a deflationary asset. As a result, there will never be as many CHEDDA in circulation as there are now.

By burning half the supply and burning 1% of every transaction, the total supply of CHEDDA will decrease over time. This gives holders an incentive to hold their tokens long-term as the circulating supply lowers and the price of the token increases over time.

According to Certik Team, a deployer related address invoked privileged access to remove & dump which has involved around $1,173,805 USD. The function emergencyRewardWithdraw was invoked by owner: 0xb0d51fb4ef1e467f099c23ad0b9a8b2bdb8d97e3 of the SmartChefInitializable contract at 0x48cfB650544b6628778a28d3a44a8dE5Ae0C1589. As of now, Certik Team is in contact with the Chedda team.

In the screenshot given below, we can find the main reason for this attack according to some discord users.

Is Chedda Token A Scam Project?
Reason for the Attack

As of now, they have not posted anything regarding this sudden crash on their official Twitter account and Discord.

As crypto scams are increasing nowadays, our readers should stay alert.

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Yash Kamal Chaturvedi

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