TapSwap a Crypto Project with Telegram Bot Tapping on Solana blockchain

TapSwap is a new Crypto exchange project that combines the key features of modern DeFi platforms and offers a multitude of new opportunities for its community. The goal of TapSwap is to provide a fast, efficient, and secure way to exchange cryptocurrency, utilizing the advantages of the Solana blockchain. Key Features on TapSwap include: • Mining Bot: This is a telegram bot for mining and the TAPS token distribution. • Staking Rewards: The staking platform for receiving additional rewards. • Decentralized governance: TapSwap token holders have voting rights and can actively participate in the development of the platform. • Profit distribution: The profit distribution system allows token holders to receive a certain percentage of the operations on the platform. TAPS Token TAPS Token is the native token of the TapSwap ecosystem which has begun distributing the token to the community through a bot-tapping mechanism. Total Supply - 1,000,000,000 Telegram Bot Allocation- 150,000,000 TAPS

SatoshiCoreSwap: A Dex on Core Chain Allegedly Rugpull

 SatoshiCoreSwap, one of the decentralized exchanges (DEX) built on the Core Blockchain offers users a way to trade various cryptocurrencies without the need for a centralized intermediary. However, on Monday night 15 May 2023, the platform allegedly conducted a rugpull,  worth 220 Eth causing users to lose their investment. 

A rug pull is a fraudulent practice where the creators of a decentralized platform suddenly pull liquidity from the platform,  causing the value of the tokens on the platform to plummet. In a rugpull, the creators of the platform typically sell their tokens at a high price, leaving investors with worthless tokens.

In the case of SatoshiCoreSwap, a transaction on the exchange remove all the staking funds in one fell swoop and bridged 220 ETH ($385,000) then transfers were executed using Tornado Cash, a privacy tool used for transaction obfuscation which is usually used by rugpulls to remain anonymous according to Documenting Core one of the Twitter handle, who promoted SatoshiCoreSwap.

 However, SatoshiCoreSwap in its response to the rug pull allegation stated the rumor is not true, and claims that they were facing some difficulties during the Dex upgrade to a multichain contract and it is now completed.

 The incident served as a stark reminder of the risks associated with investing in decentralized platforms, particularly those that are relatively new and untested.

Investors in decentralized platforms should always exercise caution and conduct thorough due diligence before investing their funds.  They should also be aware of the risks associated with investing in decentralized platforms,  including the risk of rugpulls,  scams,  and other fraudulent activities.

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