Thread by @Titans_ventures

Project CHINGARI #GARI has raised tens of millions of dollars and deceived investors as follows:

They had previously raised tens of millions of dollars from VCs.
They offered the IEO price of $0.4. But then the team changed the IEO price to $0.2, which is only 50% of the sale price on Republic or SolRazr. The unlock schedule as the team provided is 12 months after TGE
(1/13)

Current Circulating token is only 43 402 473. According to the token metrics provided by the team to previous investors, the next unlock is early 2023 on Republic and Solr.
(2/12)

Token price suddenly dropped 90% on July 5, 2022. Most people think it's a hack.
(3/12)

The team then announced that everything was still under control, this event was due to the market; they will use the revenue to buyback.
(4/12)

Users quickly discovered the wallet address that had deposited a large amount of tokens on @kucoincom and dumped it. Approximately 108M of GARI tokens.
solscan.io/account/FWbZNz…
(5/12)

However, we also checked 1 more wallet address that continuously issues monthly tokens up to tens of millions of GARI. This is the Treasury wallet address.
solscan.io/account/HLVrfB…
(6/12)

Users discovered that Circulating tokens increased from about 43M to 150M after the token was dumped. Soon after, the @GariToken team admitted that it was the token unlocking of investors through SAFT0.
(7/12)

In the original tokenomics there was no mention of SAFT0, because tokenomics must be 100% all supply. It shows that the team was vague in tokenmetrics and deliberately defrauded investors.
(8/12)

The team announced that the price of SAFT0 as $0.4. It is predictable that the team easily made a profit of 40M dollars through this OTC trade.
(9/12)

On 12/7 the team announced the new Tokenomics. The team sold through OTC (SAFT0) leading to the #GARI token dumping on July 5.
medium.com/@gari.network/…
(10/12)

We invested in GARI through a Partner and are really annoyed by what GARI dev team is doing. Any user who wants more information about OTC or token price will be kicked out and chat will be deleted.
(11/12)

In summary, the team sold OTC and made more than 40M dollars. While investors, holders are the ones who suffer losses up to 80%. A pre-planned scam obviously.
(12/12)
#REKT