Aptos Eco-Project, Arco Protocol conducted IDO but many participants posted on their Twitter and informed the community that they did not receive ATC tokens after investment and Arco project did not respond causing investors doubt rug pull.
October 29th that Arco Protocol, a DeFi lending platform based on Aptos, conducted an IDO. However, after many participating investors reported on Twitter and the protocol community that they did not receive any ARC tokens.
Many investors have continuously reported but they have not received any response from Arco Protocol. Therefore, the project’s suspicion of rug pull erupted strongly.
After more than 9 hours of silence, the project officially released an announcement stating that due to network delays, the tokens were not received after the investment during the IDO process.
Explaining this incident, the project said that at the beginning of the IDO sale, there were more than 300 people staking at the same time and that caused network congestion and delays in the confirmation of $ARC tokens.
While trying to fix the problem, many feedbacks that Arco “scam” made the developers “heartbroken”, so it gave investors 3 options: they can choose to refund, or choose to continue running the project and the final choice is to hand over control to the community.
There are currently 3,156 votes cast and the results of this vote will be announced tomorrow (October 31).
ARCO Protocol is a cross-chain DeFi lending & staking platform available on Aptos Labs. It is the premier 3-in-1 lending, farming and swapping platform on Aptos chain. The speedy follow up of the ARCO protocol immediately the aftermath of the APTOS chain launch is amazing. The native token for ARCO Protocol is the $ARC token.
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