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PSA: massive red flags with Acala Polkadot project happening right now

The acala network has started a pre sale of its tokens for “early investors” or whatever they are calling it. They are emailing people and asking for kyc and to deposit btc.

I was banned from the telegram group for advising caution to people. This is a CLEAR CASH GRAB IN A HOT MARKET. The founders are at this point SELLING A STORY with NO working product!

Acala is SUPPOSED to be launching via a crowdloan using the polkadot blockchain. This is veeery strange for a project that is launching like that.

I was excited about this project but this shit is downright sketchy. Advise extreme caution.

This shit smells like 2017 all around. Do not like it one bit. We are at the height of a bull market.

View post on imgur.com

Edit: I am not saying acala is a scam. Not at all. What Im saying is that the ico’s continue to happen which is taking advantage of gullible people in a bull market.



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25 Comments

  1. > This shit smells like 2017 all around.

    Sure, though for it to go full 2017 we need to have press releases about “partnerships” with brand name companies, that later turn out to be totally bogus.

  2. Weird post from OP. Seems like he is either acting in bad faith from a competitor, or just mad his KYC application failed, lol.

    There isn’t a public sale, just a community sale who have been with Acala from the start. It’s not advertised anywhere publicly.

    Do you know the founders? They have been in the crypto space for years and are very well known in the Polkadot ecosystem. It would make no sense for them to be a cash grab at this point in time…… also, you know they’re demoing the product tomorrow right?

    To everyone else, I would ignore this post.

  3. Lets look at two of the founders of acala network

    Fuyao jiang is the founder of polkawallet

    Ruitao Su is one of the core contributors to substrate, the language used to code polkadot and its plugin chains.

    Acala network also receieved a grant from web3 foundation, they develop polkadot.

    Hard to believe they are all of sudden just going to do a cash grab.

  4. Zero red flags. Did you look into them before posting this nonsense? You know who the founders are, right? Feel free to reach out to them and say they’re some scam. Bad take and irresponsible post.

  5. I see you come from WSB. This is crypto, things are different.

    It’s very normal for an ICO to not have a working product yet. If the founders are legit (they are in this case) and this is their actual ICO (it is) it is just a way of raising funds.

    If you believe in the project and the price seems reasonable, you buy. If you don’t, you leave it. No reason to wildly flail accusations around.

    There are literally tens of ICO’s every day, nothing weird going on here it seems.

  6. Pretty sure you’re getting scammed but not by Acala, When conducting a quick search in their website and telegram there is literally nothing saying that they have started a pre-sale of their tokens. Double check all the links provided because i’m pretty sure its not from the official Acala team…

  7. This is not an ICO. The team and founders will not have access to the fund raised in this event. The fund will be used for liquidity boostrapping, future parachain auctions and will be managed by the community.

  8. Domains for legit business (other than mom and pop who don’t know the difference) never use private WhoIs like this project. If you are hiding who runs the project I often assume it’s shady.

  9. Lets see here, so how does a project get funding? Investors.
    You can’t make a single coin without liquidity. These people offer liquidity and in return they get a reward the project token.
    Sometimes there are set rules as well, that you are not allowed to sell these at launch. Projects differ some have closed presales others have a more open approach.
    Still the liquidity providers are putting themselves at risk. Because they can loose their liquidity as well. They are there to make sure the Project has the funds needed to launch. But investing always comes with a risk especially startups. There is no guarantee of a ROI.

    And your post sounds more like you are upset that you couldn’t join a presale. Many projects started this way.

    Go and look at Polkastarter. This is how many projects launch. This is also a fair way for investors so that you don’t suddenly have one huge investor to tank a project buy hodling and manipulating the price because they own the whole liquidity of the project.

    It’s not fair but still but it’s way more fair than having one big whale to provide the liquidity. Then that project would become a centralized project instantly instead.

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