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World Cup Inu Token Faces Scam Accusations Weeks After Launch

2 mins
Updated by Ali M.
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In Brief

  • World Cup Inu confirmed its official launch on the Ethereum network in September.
  • FatMan has alleged that the deployer has already cashed out over $300,000.
  • The token WCI token, which was up over 1000% in the last two weeks, seems to be losing value in the last 24 hours.
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Crypto influencer FatMan has alleged that the World Cup Inu deployer is charging a 4% swap tax on decentralized trades, raising concerns about a possible scam.

In a statement in September, World Cup Inu confirmed its official launch on the Ethereum network as an ERC-20 token, claiming skyrocketing growth in the initial days. The token, meant for football and meme enthusiasts, was adopted by 800 crypto investors in 48 hours.

FIFA World Cup 2022 fever

The FIFA World Cup is scheduled to take place in Qatar from Nov. 20 to Dec. 18, 2022. With the International Football Federation announcing the launch of its metaverse ecosystem, ‘FIFA World,’ and grabbing the official partner title, crypto is married to the big event.

With the increasing craze, the possibility of scams has also gone up. FatMan from the Terra Research Forum has alleged that the WCI deployer has already cashed out over $300,000 from WCI. He commented, “There are also contract functions to unilaterally increase the swap tax and to pause trading. Please be careful; best to stay away.”

The token is up 1,000% in the last two weeks but seems to be losing value in the past day. On Uniswap, the previous day’s trading volume came close to $3 million.

WCI/USD Chart by TradingView

WCI has also created a web3 betting front that lets users wager directly with ETH from their cryptocurrency wallets. WCI claims that the betting money remains in the smart contract until Oracle obtains the data to announce a winner. Here, WCI is also charging a 10% tax on all bets for the lottery pool.

Footballer accused of ‘shilling’ World Cup Inu

Brazilian retired footballer Ronaldinho’s official Twitter account also promoted WCI. However, some in the Reddit community called the ‘shilling’ ’embarrassing.’

Some are even calling WCI a shitcoin, accusing celebrities of promoting the pumping-and-dumping of these tokens.

Scams in the sector, rug pulls, and gaming token nosediving to zero has happened frequently in the industry. Fans of the Netflix series “Squid Game” lost millions in an apparent rug pull last year.

Investors in Singapore filed several police reports against the top executives of the Neko Inu play-to-earn crypto game. Because of this, it reportedly cost its players more than $100,000 in lost money last year.

BeInCrypto recently noted an Atlas VPN team report that blockchain hackers stole $478 million worth of cryptocurrencies in Q3 2022. And with 11 attacks, the Ethereum ecosystem sustained the most considerable losses, totaling $348 million.

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Shraddha Sharma
Shraddha is an India-based journalist who worked in business and financial news before diving into the crypto space. As an investment enthusiast, she has also has a keen interest in understanding crypto from a personal finance standpoint.