Is Xolo Inu a Scam Project?

Key Takeaways:

  • Xolo Inu dropped more than 73% on 7th April 2022. Additionally, the Xolo Inu team has indicated a Developer has maliciously withdrawn all LP tokens.
Is Xolo Inu A Scam Project?

Xolo Inu is a multifunctional DeFi App offering a social incubation network for investors, teams, communities, and developers.

Xolo Inu Tokenomics

  • Seed & Presale 30% (3 Billion)
  • Vested Team Tokens 10% (1 Billion)
  • Liquidity 10% (1 Billion)
  • Burn address 50% (5 Billion)
  • 10% TAX (5% Marketing, 3% Liquidity, 2% Reflection)

Team tokens will be used for marketing, development, community events, and charity. The burn address holds 50% of the tokens for the burn mechanism. Team tokens are vested over 12 months.

As of now, its price has increased by 92% in the last 24 hours.

Is Xolo Inu A Scam Project?

The primary reason for the sudden surge is that Xolo Inu Team has tweeted that the team will resolve all issues regarding the hack.

A new token will be airdropped 1 to 1 to all the holders. As of now, 5,332 addresses hold it. Tokens held on the smart contract will be burned, and tokens stolen by the hacker will also be burned. This will mean that we will start with a lower supply and a lower market cap.

At this point team has told everyone to stop buying because the old XL token is of no value; only the new one that will be airdropped is legit. To create this new liquidity pool, they will use their personal funds for the future of Xolo Inu.

They have forked all the code and will review it to see if there are no other gimmicks that this attacker might set up. As for the hacker, they have made a map of all his addresses and will be reporting him to the authorities as some of his DeFi wallets were funded by CEX accounts that might have been KYC verified.

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Yash Kamal Chaturvedi

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