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A GameFi project had been accused as scam to Vietnamese investor. The stolen cash had increase to almost 1 million dollars

Project C*****B*** (CB), A GameFi with simple content had been accused by plenty of Vietnamese investor as a scam. Most of them are at risk of losing the assests

After the successful of Axie infinity, plenty of Vietnamese GameFi had been published, attracted many interested from investor. But there are plenty of project which had been built as a cover for scammer to takes profit from investor.

Another GameFi project had been accused as a scam by Vietnamese investor

The DEV from C*****B*** (CB), a GameFi with simple content, had been accused of discharging a large amount of tokens, causing the price of this digital currency to plummet, many investors are at risk of losing their assets.

C*****B*** asked player to pay some amount of money to open the mysterious box to get NFT bikes. Players will use that NFT to join in the game and the TOKEN will be the prize pool. However, in order for the bonus to be returned to the player’s wallet, players need to wait 6 days to not be penalized for early withdrawal – this is the rule set forth by the project developer C*****B***.

C*****B*** (CB) had been accused as scam by plenty of Vietnamese investor

Till January 1st, the time when investor are allow to withdraw their money, a selling order for 6 million CB (Cryptobike’s token) – with the amount of 700.000 USD (1.6 billion VNĐ) had been launched, which devided the TOKEN price to 10 times.

After that, C*****B*** DEV had annouced on Twitter that the project had been hacked for 6 millions CB, which equivalent to 60% of the total project supply, sold off from the bonus fund for C*****B*** players.

But the community had found that the hacking wallet had involed C*****B*** developer team.

During the process of tracing the project’s transactions from, some investors found that, from the time the token was listed to before it was “hacked”, the C*****B team *** has had the act of splitting wallets to receive bonus tokens and gradually release them to the market and these wallets have no history of loading tokens to play games. As alleged by some investors, the actual amount that project C*****B*** profited from investors is much larger than 700,000 USD and can be up to more than 1 million USD.

Annoucement from Twitter that the project has been hacked

Till January 1st evening, Solidproof had announced the DEV information after being inform that C*****B*** had the ability of scamming. Accordingly, the person behind the construction of CryptoBike is a Vietnamese programmer, not an American as the project announced.

With the anxiety from public, the personel who related to cryptobike only confirmed that they ‘ve been outsources for the project and not being involved in selling orders.

On January 2nd, CryptoBike only informed that they will refund 70% money for players because they only had 500.000 USD left of the total $ 700,000 was stolen.

Investor should be careful while investing to gamefi

GameFi is the combination of “decentralized finance” and online gaming based on Blockchain tech. In this system, players can join the game and earn virtual money which could be convert into real currency.

Although it is a new trend and is attracting more and more attention of young people, however, according to Nikkei Asia, for those who follow the trend without carefully understanding, GameFi contains many risks and trap for players.

Analysis from Nikkei Asia shows that the crypto world is a “Wild West”, in which cryptocurrencies are highly volatile and filled with pitfalls. Since cryptocurrencies in decentralized finance are still in their infancy, it is easy for new, uninformed players to fall into the trap when problems arise. Therefore, before participating, players need to learn carefully about the project, idea, development team, etc.


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