CertiK Alert has accused the SeSwap project of fraud, as the project administrator has deleted his Twitter account and stopped all activity on other social media platforms. It seems that this supposedly safe decentralised exchange for trading digital assets is nothing more than a fraud.
Moreover, the project administrator hastily withdrew 32,787 SUI (worth $32,000) from the token sales contract. All of the project's social media accounts are now unavailable.
Seaswap promised to be a decentralised trading platform based on the Sui blockchain, guaranteeing users the ability to exchange various cryptocurrencies quickly and securely.
As an automated market maker, SeaSwap used a limit order book to provide liquidity and allow buyers and sellers to trade tokens at current market prices in real time. According to the project's white paper, in addition to trading, it provided additional revenue opportunities through liquidity and betting. Unfortunately, the project is no longer operational, as the administrator has ceased any contact.
Another project called Fintoch, allegedly backed by investment giant Morgan Stanley, also turned out to be a scam and stole $32 million from participants' wallets; Fintoch users found they could not withdraw money from their accounts.
It is clear that the prevalence of fraudulent projects in DeFi continues to grow. As an example, there have been numerous reports of illegal cryptocurrency activity in England.
Despite the fact that the authorities impose many rules and regulations, scammers still find ways to get around them without too much difficulty. This means that regulators have not made their policies effective enough, so fraudsters continue to take advantage of unsuspecting users.
