The Wrong Listing Strategy of BicycleFi
As the PlayPad family, it is our responsibility to inform our community, investors, stakeholders, and partners to be transparent, honest, and liable for every step we have taken since our platform's launch. We have been conducting very successful and ethical business with our customers for a long time, and we still have solid business relations with all stakeholders in the industry.
Recently we launched our new website and the smart contract and conducted our first IDO yesterday with BicycleFi.
Firstly we would like to explain token transactions on our Deploy Wallet (0xcec03d4bf6245470DE259Ca8de65644F41d0aAbe)
Deploy Wallet Transactions
From the bottom;
The first transaction is that BicycleFi sent us 1 BCF for a test. And succeed.
The second transaction is that BicycleFi sent us 32,000,000 BCF regarding 80K$ IDO raise and 0.0025$ IDO price.
The third transaction is that we sent 1 BCF to our smart contract for a test. And succeed.
The fourth transaction is that we sent 17.5M BCF to our smart contract because the total sold raise is exactly 43,851.45 BUSD.
All of these transactions before listing and claiming.
After IDO, we still had 36,148.55 $ IDO raise. And we started to collect funds from our partners who want to join the public sale. And we collect BUSD. Remain 14.5M BCF we kept in Deploy Wallet.
The fifth transaction is that we sent 3.6M BCF to our partner investors precisely the first claim time, which is 01:30 PM UTC. Because of their first %25 vesting amount is 3.6M BCF tokens. Remain 10.9M BCF still in our Deploy Wallet!
Not any transaction happened except in these five records!
Listing started at 01:00 PM UTC, as BicycleFi announced on Pancakeswap. And the listing price was 0.03$, which one ten times more than the IDO price. BicycleFi added liquidity on Pancakeswap in a wrong calculation. To see that transaction, please click here.
Please look at the table below; easy to understand what is wrong. In that case, BicycleFi added 7K$ liquidity to Pancakeswap by BCF/BNB LP tokens. But;
Then, the value of BCF started to increase immediately. Three specific wallets started purchasing multiple times $100 worth of BCF to increase the token price to 47X. Continuously!
Then dump started dramatically just a couple of minutes before the claim started. The same three wallets had sold all their tokens, resulting in a massive dump in the token price. BCF price came back to 3X before the claim started. This was a completely wrong listing strategy, and we have informed BicycleFi to correct this situation.
When the time for claiming came, we realized a problem our community could not claim. After we diagnosed the problem, we noticed that one controlling code in the smart contract did not let the wallets claim their vestings. After Our Dev Team had checked the issue and closed that control, the claiming process started again at 01:49 AM UTC. 19 minutes later!
Contract Address : 0x2d02b633b2549d73400427ec9b4f639537adf36d
We have realized that after we closed that control, the smart contact started to let the wallets claim multiple times again and again.
Our investigations found that 16 wallets that were the first to claim their tokens have claimed the full amount of tokens. They continued claiming multiple times to exploit the control deficit and pulled all the tokens in the contract. That’s why other wallets could not claim their vestings.
You can open our contract address in BSCScan, then export a CSV file of BEP Token Txns. Filter the wallets and check all duplicate claims wallet by wallet!
As all those 16 wallets have the ones with KYC, we have detected their identities, addresses, and communication details, and our law office will be in touch with them legally and will sue them if necessary.
Some wallets claimed 30 times, 18 times, and 16 times!!!
Let’s talk about wallet 0x9cd958a326f3d24b4bd54e0a9ef44f98f85aa5b9
Because everybody ask about that wallet.
He has 154K Staked PPAD for 180 days locked. That’s why he has 75 PP Tickets. We gave him 9448.8189$ vesting for that IDO.
This guy bought 6,500 BUSD from PP Ticket Round of BicycleFi IDO. To see the transaction, please click here.
This wallet deserves to get 2,600,000 BCF for that purchase in normal conditions. And the first claim is 650.000 BCF (%25)!
But that wallet has claimed 15 times 650K BCF and sold!
PLAYPAD NEVER SELLS ANY TOKENS OF PROJECTS!!!
Summary of Article
These 16 wallet owners have realized the control deficit and immediately sold the unfairly claimed amount.
All these actions took place between 01:49 PM UTC and 02:01 PM UTC.
You can check BCF Token chart here, and you can see the big dump of BCF Token has taken place long before this, even before the first claim time.
We were not able to do that before 01:49 PM UTC!!!
We follow all the rules as a launchpad. We realized our mistake, and we will compensate for that for our community.
We are entirely behind our community and partners, and we expect our partners to be with us and provide us with their support.
We are now in the progress of refunding our community. As the raised amount was a small chunk, we are solid enough to compensate for their investments shortly.
DON’T LET TO ANYONE CREATE FUD ABOUT PLAYPAD!
Now BicycleFi tried to do something wrong about us. After that, we will contact them only by our law office.