Cybersecurity platform CertiK had earlier called CrypotCars project a rug pull following a series of events. The company only acted on false information as it took out the post of the rug pull immediately it established the truth.
In a time of market downturns, rumours of crypto bans, decentralized finance, or DeFi, scams, blockchain enthusiasts might become overly sensitive to even little anomalies within projects they follow, fearing the worse.
CertiK, a renowned cybersecurity ranking tool in the blockchain industry, had issued a warning about CryptoCars through Twitter the day before, claiming it was a “rug pull.” However, because the post was a hoax, the staff swiftly removed it.
Reason for the misinformation
CertiK first claimed that the website and Telegram for CrytoCars were down via a series of Twitter screenshots received by Cointelegraph. However, once users pointed out that the CryptoCars website and Telegram apps were still operational, CertiK revoked the community notice.
CryptoCars’ Telegram chat will be temporarily closed “until the end of the Lunar New Year from January 27th to February 7th,” according to the project’s developers. The development team for CryptoCars is situated in Vietnam, which is celebrating the Lunar New Year.
CertiK sources gave Cointelegraph the following statement on the incident:
“Incident reporting, although complex, is rapid in nature and is done in a manner to alert the community on 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 possible rug pull.”
Despite the miscalculation, CertiK has benefited the blockchain community greatly. It had just issued a verified community alert for Qubit Finance the day before, after the protocol was hacked for $80 million.
About CryptoCars
CryptoCars, a nonfungible token (NFT) vehicle racing game, debuted in September 2021. CryptoCars is a play-to-earn game that requires players to buy an NFT car produced on the Binance Smart Chain through a blind box made by the game’s creators for 6,600 CCAR or from another user for 490 CCAR.
At the time of publication, the project claimed to have 721,683 players, 582,666 NFT automobiles, and 248.8 million in-game transactions, according to its official website. It also has over 124,500 Twitter followers.
