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Author Topic: Water coin Scam  (Read 621 times)

Offline ScamHunt

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Water coin Scam
« on: July 08, 2024, 12:01:57 PM »
Type of scam : Slow rug.

Both beer coin (beercoin.wtf) and water coin were created by the same individual or team, this can be clearly be understood from the promotion done from beer coin accounts, and from the statement on watercoin (watercoin.wtf)  site, and both sites have identical styles:











Red flags:
The watercoin presale raised $ 41 million


That was above the hard cap, so there was a vote for :
1- Return the funds to anyone who paid beyond the hardcap
(due to the fact that a hard cap was not programmatically implemented in a contract, and instead the presale was a simple address)

2- Buy the market, the next 24h and then send tokens (yes a scam idea, to capitalise on the hype)

Voters on twitter chose the first option, eventhough bot activity was voting for option 2, twitter vote by large chose option 2, on telegram bots activity was bigger.

As a result instead of refunding, they bought the market ... And guess who sold ? Yes, themselves.
They dumped the tokens , the 41 million dollars were not enough for these scammers, they wanted more.






The element of the scam becomes visible, when you realise that the team was the one playing the price and dumping none-stop
The wallets they hold has nothing close to the percentage they announced they should hold, and that is due to selling most of the tokens already.

They also did no need to sell to get the money for cex listings , given that they actually have $41 million already raised in presale, thus no argument abount needed money is plausible.




Hyping even more:



Scam Verdict:
1- They bought million of fake telegram users and twitter users, to create hype, at it's height there was only 55 000 holder.
2- They cheated the voting on telegram, with bots. They did not honor the voting on twitter.
3- They used funds that did not qualify to the presale to pump the price (rejecting the calls for refunds).
4- They dumped huge amount of tokens since day 1, and since hour 1, even though they already amassed 41 million in presale.
5- The deployer team pretending to be external service while actually they are the ones launching the coins:
offer proposal "to the team" , lol yeah right ...

then admitting they are the ones launching it:



Water Account retweeted the above tweets by gotbit. Then now all these tweets vanished :


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Water coin Scam
« on: July 08, 2024, 12:01:57 PM »

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Offline bitterguy28

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Re: Water coin Scam
« Reply #1 on: July 09, 2024, 09:03:51 AM »
Type of scam : Slow rug.

Both beer coin (beercoin.wtf) and water coin were created by the same individual or team, this can be clearly be understood from the promotion done from beer coin accounts, and from the statement on watercoin (watercoin.wtf)  site, and both sites have identical styles:




this is the reason why I rarely believe in Memecoins nowadays specially those who are being connected in Solana network because majority of them are just trying to pick their victims and ending to have a graceful exit eventually .

thanks that you extend a really good effort here and that is something we need to be thankful  because one of us might be one of the victim if being greed and fool to believe that they are trying to use as luring materials.

Hope you will show more evidence in the future .

Offline Wiwo

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Re: Water coin Scam
« Reply #2 on: July 11, 2024, 11:05:59 PM »
This is nothing different from all memecoins, the ones that are succeeding in the market are all based on short term hypes and at that with time their will also end as scam or exit pull out by the dev team, this outcome should be expected at all time as far as memecoins are concerned, another thing also is that, you shouldn't not take memecoins as independent most especially on a long term bases since their can easily disappoint you at every given time.

Taking them for short term bases is the best approach for memecoins to avoid this kind of story, and before you buy any coin, try as much as possible to make some little research about the project at least.
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Offline yhiaali3

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Re: Water coin Scam
« Reply #3 on: July 19, 2024, 07:55:05 PM »
Good investigation, thank you for the effort.
Indeed, I have seen a lot of hype around beer coin and watercoin, and it is very likely, as you mentioned, that both of them were created by the same individual or team. Unfortunately, this is how most meme currencies work, which are easy to create and promote by making noise and then pulling the rug.

What surprised me was that I read on some news sites that the famous player Messi was promoting watercoin. I am not sure about the news, although some of them mentioned that Messi’s X account was hacked to promote the coin.

 

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