SlowMist: OceansGallerie Suspected Rugpull, Stay Vigilant

Blockchain security firm SlowMist, has cautioned users of a suspected rugpull on SUI network’s artificial intelligence social aggregation platform OceansGallerie, and has asked users to remain vigilant.

Slow Mist issued this warning after its founder flagged strange activities on OceansGallerie, saying that the token distribution looks very centralized, and has fallen several times since its launch.

Founder, Yu Xian (X handlename@evilcos), wrote in a vague translated post, “This project @OceansGallerie on the Sui Ecosystem is really weird. The token and the pool are too controlled. The total amount of tokens is 10,000,000,000 OCEANS, and the holders are too concentrated. The token has fallen dozens of times in less than a week after its issuance. Now the pool is less than 20K USD…”

Sui 生态上的这个项目 @OceansGallerie 确实挺奇怪，这代币这池子太控盘了，代币总量 10,000,000,000 OCEANS，Holders 过于集中，发行不到一周代币已经跌了几十倍，现在池子不到 20K 美金…https://t.co/KPpG9GUvXXhttps://t.co/Goh5DW4jxW

异常操作的地址：https://t.co/68ktWofCXK
和 OCEANS… https://t.co/IBDNCSHTaO

— Cos(余弦)😶‍🌫️ (@evilcos) November 27, 2024

OceansGallerie: Rugpull or Simple Liquidity Removal For Security

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Note that, the SlowMist team raised an alarm after OceansGallerie, wrote on X about addressing an issue where liquidity was removed from the pool earlier this morning at 2:15AM UTC+8. The Sui project’s removal of liquidity could have triggered the concentration of tokens, adding more volatility to its price.

Courtesy: X

OceansGallerie recently posted another update saying that the team identified an issue with project management that led to the unauthorized removal of liquidity and the theft of certain tokens. The post further read, “Our team acted immediately to withdraw liquidity and mitigate further risk to the project. We have successfully restored liquidity and are taking additional measures to ensure the security of the platform and rebuild trust within the community. Our primary focus is on protecting our users and securing the integrity of the project.”

As of now, there have been no updates from the SlowMist team on whether OceansGallerie was indeed a rugpull scam or if the project was simply removing liquidity, leading to token concentration. In either case, caution is advised.

Also Read: Did Coinbase Scam User for $6.5M? ZachXBT Uncovers the Truth

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