The SolClout launch. The investigation into the situation by TruePNL.
In the state of recent events, we have prepared our detailed vision on the SolClout situation.
The following is a sequence of events and the facts we’ve been able to obtain during our investigation.
According to the IDO Service Agreement signed between TruePNL and SolClout, the tokens should have been transferred 24 hours before the TGE. This standard term allows us to deploy a smart contract and test it to make sure everything works properly. The SolClout team has transferred the tokens only a couple of hours before the TGE, thereby violating the terms of the Agreement. This has left us with insufficient time for the smart contract creation and forced us to choose an urgent measure that is to airdrop the tokens to the SolClout public sale investors. We’ve airdropped the tokens 6 minutes before the scheduled time and the token launch on Raydium and PancakeSwap.
Instead of enabling a well-known mechanism and time-lock the tokens against any transfers until the desired time, SolClout has blamed our team to be the reason for a failed launch.
A detailed report on our investigation of the situation
We’ve also researched the credibility of the alleged damage. All the information below is public and can be easily checked.
Despite the fact that the tokens have been allocated to 189 public sale participants, only 12 of them had sold their tokens on the spot: during the first minutes since launch, only $8000 worth of tokens.
In reality, the reason for the token dump was caused by sniper bots, which had purchased $SCT for the sum of approximately $175,000 (300 $BNB), and had nothing to do with the TruePNL investors.
More information on sniper bots can be easily found, in general, sniper bots monitor the liquidity pool creation to instantly obtain the large amounts of tokens and subsequently dump them at the expense of retail investors.
The tx hashes indicating the draining of $SCT by sniper bots:
https://bscscan.com/tx/0x1288193139064ef6936835f07bba6b4071cff9c22ed90c60fb76d6698600c4aa
https://bscscan.com/tx/0x44d9dd3180f582eaac8e72a43d5b67d0c832ffbf139634da833da7c245276c88
Following this issue, on 10/12 at 1 PM GMT, as it was scheduled by TruePNL and SolClout, the token distribution for private investors was to be held. Even though the SolClout team was responsible for the token distribution, it had occurred neither during nor after the scheduled time.
The SolClout team has ignored our requests to transfer the tokens for the TruePNL vested sale participants and had never sent them to us. The team went silent from 10/12 until 12/12, and has been deliberately ignoring all our attempts of communication, nor had they provided any comments on the situation and responded to our demand of refunding our investors.
It is significant to note that TruePNL had fulfilled the obligations under the IDO Service Agreement and has transferred the funds in full and in advance.
We have also discovered a wallet that had received the $SCT earlier than scheduled, same as our investors: https://bscscan.com/token/0xd1e362d13454461002ad592e0582ee6707e187e6?a=0x4a3d2b1ad815552198a94471e033ad0acd59ba5f
The tokens then have been sold before the official TGE and claiming was launched, but the SolClout team has accused TruePNL only.
https://bscscan.com/tx/0xf0c8a2fa28dea1fe030436b46f693284b452b1d92a50acd94cd24e6c07ce2547
In summary
TruePNL team did not sell any SCT tokens and has NEVER got any benefits from the early distribution.
The SolClout team unfairly and prematurely accused TruePNL of the sale failure, but in reality, it was caused by the following:
- SolClout had not initially figured out the reasons why something went wrong with the launch and had let the trading bots dump the price;
- Solclout team had not paused the trading to prevent early sales and afterward had stopped it for everyone, thereby endangering OUR reputation;
- SolClout has never fulfilled its obligations to the Vested Sale investors;
- SolClout team has been missing in action after putting a stop to trading and has not been providing us with any information about the reasons for almost 24 hours, damaging our reputation and creating resentment in our community.
The resolution
To date, all participants of the SolClout Vested Sale on the TruePNL Launchpad have received a full refund of invested funds.
The Public Sale investors had received new tokens created at the relaunch in the ratio 1:1 to the same addresses. This applies to users which have not sold any $SCT at this point.
The TruePNL users haven’t suffered any losses. We thank our users for their patience and loyalty.
In closing
TruePNL’s main goal is to provide users with forward-looking investment opportunities and quality projects. Every project we launch undergoes thorough research and due diligence, and we aim to ensure security for users of our platform to the extent possible.
However, we strongly advise all users to perform their own research as well, as it is the responsibility of every investor, and no platform, project team, or any other person can guarantee the safety and success of any project.
We will do our best to improve our project selection criteria and will adopt much higher levels of qualification for the upcoming launches.
Sincerely yours,
The TruePNL team
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