Is UTG DAO a Scam Project?

Key Takeaways

  • UTG DAO project has seen a sharp price drop of more than 83% on May 5th,2022.
Token Price Crash
Token Price Crash

Below is a quick overview of this project.

UTG DAO has described itself as a DAC project based on the ecological development of the UTG public chain and supported by the public chain foundation. UTG focuses on developing its ecology and cooperation with other networks, including ETH, BSC, Flow, and other public chains, on providing edge storage services.

Here is the contract address: https://bscscan.com/address/0x4e857cc27467ed931d9245eef67b711ae65c61d1

According to CertiK Team, there were reports of difficulty in selling. As soon as the team was notified of this attack, they have tweeted that, WE are addressing the issue now… please be patient and wait for our official response. On May 8th, 2022, the team has notified on Twitter that they have made a report and the investigation is still ongoing. The loss of assets has inconvenienced everyone, and they have formulated a compensation plan. All data has been tabulated, and they will be issuing compensation within the next couple of days. On May 10th, 2022, they have started the compensation and have apologized for the inconvenience caused.

Given below is the official statement released by the UTG DAO team on their Official Twitter Account when there was a loophole in their contract. This loophole was found on May 3rd, 2022.

Loophole In Their Contract
Loophole in Their Contract

Also, they have tallied and issued out BNB/UD to compensate all affected members. For LP providers affected, BNB/UD was compensated in full. For Swap trading, UD is reimbursed up to 60% of the total burn amount, subject to the current average price flotation.

Here is the token address: https://bscscan.com/token/0x4e857cc27467ed931d9245eef67b711ae65c61d1. It has a supply of 10,000,000 tokens. Currently, 6,992 addresses are holding it.

We will recommend our readers to be careful and perform their own research before investing in it. As crypto scams are increasing nowadays, our readers should stay alert.

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Yash Kamal Chaturvedi
Yash Kamal Chaturvedi

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

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