Home News CertiK’s identification of Crypto Cars as ‘rug pull’ was a false alarm

CertiK’s identification of Crypto Cars as ‘rug pull’ was a false alarm


In a time of market downturns, rumours of crypto bans, and decentralised finance, or DeFi, scams, blockchain enthusiasts might become overly sensitive to even little anomalies within the projects they follow, fearing the worse. CertiK, a renowned cybersecurity ranking platform in the blockchain realm, had issued a warning about CryptoCars through Twitter the day before. Calling it a “rug pull.” However, because the post was a hoax, the staff promptly erased it.

The Platform first reported that the CrytoCars website and Telegram were down via a series of screenshots from Twitter. CertiK rescinded the community advisory after users pointed out that the CryptoCars website and Telegram apps were still operational.

CryptoCars’ Telegram chat will be temporarily unavailable “until the end of the Lunar New Year from January 27th to February 7th,” according to the project’s developers. The development team for CryptoCars is in Vietnam, which is celebrating the Lunar New Year.

CertiK sources issued the following statement in response to the incident:

“Despite its complexity, incident reporting is quick and done in such a way that the community is kept informed of current suspicious conduct. We saw that [their] Telegram was offline, that their funds were depleted, and that the $CCARs website was down. This triggered a rug-pull warning.”

CertiK has aided the blockchain community significantly

Despite the miscalculation, CertiK has aided the blockchain community significantly. It had just released a verified community alert for Qubit Finance the day before. Announcing that the protocol had been under attack for $80 million.

CryptoCars, a nonfungible token (NFT) vehicle racing game, launched in September 2021. CryptoCars is a play-to-earn game that requires users to buy an NFT car produced on the Binance Smart Chain via a blind box created by the game’s producers for 6,600 CCAR or from another user for 490 CCAR. The project boasts 721,683 players, 582,666 NFT automobiles. As well as 248.8 million in-game transactions at the time of writing, according to its official website. On Twitter, it has a following of more than 124,500 people.

Previous articleBitDAO launches $200M zkDAO to advance Ethereum scaling via zkSync
Next articleSEC approves BSTX for blockchain settlements on traditional markets