FatMan sounds the alarm on Ronaldinho-backed ‘World Cup Inu’ crypto token
Investigative work of @FatManTerra revealed suspicious tokenomics for the recently released Ronaldinho-endorsed World Cup Inu token.
Ronaldinho ‘delighted’ to join World Cup Inu family
The FIFA World Cup in Qatar is weeks away, starting on November 20 with the final scheduled for December 18. The event has generated several controversies, including allegations of corruption in the host bidding process and inhumane treatment of workers building the event’s infrastructure.
To accommodate Qatar, FIFA broke with tradition and made the unprecedented move to hold the event in winter, affecting the schedule of national football leagues. Temperatures in Qatar can reach as low as 40 degrees Celsius in the summer months.
As expected, a swarm of World Cup themes have appeared recently, including FIFA Shiba Inu, Baby World Cup Inu, FifaWorldCupInu, Fifa World Cup Inu, World Cup Token and Qatar World Cup. But perhaps most prominently, due to the support of legendary Brazilian superstar Ronaldinho, is the World Cup Inu.
The former Barcelona and AC Milan midfielder became a fan favorite based on his playmaking ability, technical skills and flair. In March 2020, Ronaldinho was detained for six months in Paraguay for entering the country with a false passport.
On the 19th of October Ronaldinho tweeted his support for the World Cup Inu token, adding that he is impressed by the project’s DeFi innovation.
I am happy to be part of the World Cup Inu family. $WCI changing the definition area according to their work and tools. Really excited about this project! I will give away 3 jerseys to them, and I guarantee that Brazil will win #WorldChampionship. Be sure to check them out 🤙 pic.twitter.com/rvF9mNCqFs
— Ronaldinho (@10Ronaldinho) 19 October 2022
The World Cup Inu token called out
Price data shows that World Cup Inu began trading on September 27. A price stop of $0.03397452 on October 17th would have given early investors a 2100% gain.
Since then, WCI has experienced a sharp drop, with support found at $0.01440661. Meanwhile, no market value information is available due to the lack of circulating supply data. The developers have revealed a total supply of 1,000,000,000 tokens – a relatively low max supply.
World Cup Inu runs on the Ethereum blockchain and is available for trading on Uniswap and OpenOcean, with only 2% of daily volume transacted via the latter.
The token is described as a Web3 gaming portal that enables token holders to gamble against others on the outcome of World Cup games. In keeping with the gambling theme, it also has a lottery.
After researching tokenomics, Fat man tweeted a warning to the crypto community, advising users to “stay away” to be safe.
In particular, FatMan raised concerns with the tax feature, which skimmed a percentage from all trades, saying developers have already removed a significant sum from the tax pool.
Legitimate projects use transaction tax to reinvest in the project or fund development costs, and always with the community’s agreement.
CoinGecko noted that the tax rate on WCI is variable, meaning that the tax rate can be increased at will. FatMan also noted this, adding that the smart contract features allow developers to pause trading.
PSA about this coin: it appears that the World Cup Inu publisher charges a 4% exchange tax on DEX trades. He has already withdrawn $300K+ from WCI. There are also contract features to unilaterally increase the swap tax and pause trading. Be careful; best to stay away. pic.twitter.com/a0sRRSKLRN
— FatMan (@FatManTerra) 19 October 2022
Commenting on the sum paid, @FanFloki said that this is a legitimate expense related to marketing costs.
It has been known to be the marketing wallet, and marketing costs money. I would understand if money was withdrawn and there was nothing to show for it, but that is not the case. Marketing campaign is shown. Didn’t Kwon and terra rug the entire crypto market?
— $WCI Chad Chaddington (@FanFloki) 19 October 2022
CryptoSlate reached out to World Cup Inu for comment, but no response was received as of press time.
