During our research into nodes, we came across a token which people were mentioning on Twitter. Unfortunately it was not for good reasons. The project appears to have been a rug-pull (scam) over a period of time. As of writing, the price has tanked to $0.60 after a high of $460 just last month. This is a warning to those thinking about investing in incentivised node tokens – there are scammers operating in this area.
So how did it happen? We found a great video by Revival Kingdom on YouTube, who had the misfortune to invest in this project. He mentions some important red flags to look out for, which can help you identify future scams.
It appears that they have now launched again on Avalanche chain and they appear to be getting investors who are oblivious to the previous scam token on the Binance Smart Chain!
We could fine many comments from those who had been a victim of this scam.
Update 22/01/2022 – Final statement from Ring
When trying to access the website, we are presented with the following statement, clearly the final nail in the coffin:
Do you suspect a project of being a scam? Has a rug-pull just taken place? Please Contact Us so we can create a post and warn others.
