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

In a play of marketplace downturns, rumors of crypto bans, and decentralized finance, oregon DeFi scams, blockchain enthusiasts tin beryllium delicate to the smallest abnormalities wrong projects they travel and sometimes erroneously fearfulness for the worse. The time prior, CertiK, a starring cybersecurity ranking level successful the blockchain space, issued a informing via Twitter regarding CryptoCars, alleging that it was a "rug pull." However, the unit rapidly deleted the station arsenic it was a mendacious alarm.

Via a bid of Twitter screenshots obtained by Cointelegraph, CertiK archetypal claimed that the website and Telegram for CrytoCars were down. However, users rapidly pointed retired that some the CryptoCars website and Telegram apps were inactive functional, resulting successful CertiK rescinding the assemblage alert.

According to the developers of CryptoCars, the project's Telegram chat volition beryllium temporarily closed "until the extremity of the Lunar New Year from 27th Jan to 7th Feb." The CryptoCars improvement squad is based successful Vietnam, which celebrates the Lunar New Year holiday.

Sources astatine CertiK issued the pursuing connection to Cointelegraph regarding the incident:

"Incident reporting, though complex, is accelerated successful quality and is done successful a mode to alert the assemblage connected up-to-date suspicious activity. In this situation, we noticed [their] Telegram went offline, funds dropping to zero, and the $CCARs website being unavailable. This created an alert of a imaginable rug pull."

Despite the error, CertiK has done overmuch to payment the blockchain community. As precocious arsenic the time prior, it issued a verified assemblage alert for Qubit Finance arsenic the protocol suffered an $80 cardinal hack.

CryptoCars launched successful Sept. 2021 arsenic a nonfungible token, oregon NFT, car racing game. Structured nether a play-to-earn model, CryptoCars requires players to acquisition an NFT car minted connected the Binance Smart Chain done a "blind box" created by its developers for 6,600 CCAR oregon from different idiosyncratic starting astatine 490 CCAR. According to its authoritative site, the task claims to person 721,683 players, 582,666 NFT cars, and 248.8 cardinal in-game transactions astatine clip of publication. It besides has implicit 124,500 followers connected Twitter.