Condom Crypto ($CONDOMSS)
“Crypto Condom" is a rug-pull project that presented itself as a memecoin on Solana, boasting a significant audience of over 53K followers on Twitter.
Shortly before disappearing, the project even conducted an airdrop for the most active community members, fortifying the confidence of its community in the Crypto Condom project.
On April 5, 2024, during the ICO round on its platform, the project’s team deleted its website and social media accounts, disappearing with over $900K raised from its community.
Please note that all information about this project is for educational purposes only, aiming to provide users with more details on the $CONDOMS rug pull. The CoinLaunch team hopes this information will help users avoid scams and rug pulls in the crypto industry and encourage them to conduct their own research on cryptocurrencies.
Condom Crypto Overview
Condom Crypto Review
Condom Crypto is a scam project that pretended to be a memecoin on the Solana blockchain network. Before abruptly disappearing and deleting all social media accounts along with the website, the project's team managed to grow a community of over 53K followers on the Crypto Condom Twitter page.
Recently, it conducted an airdrop for some community members, granting them over 50,000 $CONDOM tokens before vanishing. This bolstered victims' confidence in the project, leading the team to raise over $900K during its ICO round.
The reasons the CoinLaunch identified the project as a scam are clear for every investor who didn’t receive his/her money and no need to name them again. Instead, the we would like to provide you with some signs, which can possible indicate about the fraudulent of the project’s team.
- Product Presence: Typically, projects offering investment opportunities to the public already have at least a minimum viable product (MVP) or beta version of the product. This instills greater confidence in the reliability of the team and the project overall;
- Tokenomics: Always review the project's token distribution model and utility, paying particular attention to vesting schedules for the team and investors;
- Project’s Team: Ensure that the project team has completed KYC (Know Your Customer) on LinkedIn or other social media platforms. This typically reduces the likelihood of scams and rug pulls, as the team members' identities are made public.
- Presence of top tier funds and partners: Pay close attention to the official funds and partners of the project. The higher the tier of partners the project has, the more support it gains, and the less likely it is to be a scam.
Usually, top-tier funds conduct comprehensive due diligence research before investing in the project. However, we recommend conducting more research yourself, as sometimes even tier 1 funds can make mistakes and invest in questionable projects.
Those signs are not the only metrics we measure during our research, as we delve deeper into the project’s marketing, partners, investors, and other metrics. You can also expand the list of fraudulent project indicators, tailoring it to your own research needs.
