XAY Token Scam Warning: Low Liquidity, Dev Manipulation, and Bounty Scheme

[albon]

What happened:: This user today launched today a bounty campaign for a meme coin called XAY, allocating 180 SOL for this campaign. Participants are required to purchase the token and can earn 39% (refback/affiliation fee) by inviting new buyers. This is, of course, a high return designed to entice users, resembling a pyramid marketing scheme.

                     

180 SOL Bounty pool:

                           

Cost per action tokens purcHase (buyers attraction) based:

                           

Get 39% refback|affiliation fee witH swap tx viDeo proof

    

few ways to get 39% Bounty fee:

Do viDeo your screen at XAY tokens own swap

                       

ask attracted buyer do it

   
                                            

 ListeD at Jup.ter

Four warnings have been detected for this new token:

● Suspicious Dev Activity / Blockaid: Suspicious activity detected in this token's developer wallet.

● Not Verified: This token is not verified.

● Low Liquidity: This token has low liquidity.

● Low Organic Activity: This token has low organic activity.



As we can see in the attached screenshot:

The liquidity is $0.742, which is less than one dollar and this indicates that no one will be able to sell it.

Also, as we can see, the only holders are the token’s DEV team.

Furthermore, as we can see, the DEV wallet purchased 12.1K tokens, which is a volume manipulation tactic to create fake buying activity and make the coin appear in the Trending section, and this also causes the green candle upward significantly even with a very small purchase. The team also conducts buying and selling among themselves to deceive victims into believing the token is rising and experiencing a price explosion.

Scammers Profile Link: https://bitcointalk.org/index.php?action=profile;u=3739137

Reference Link:

[1] [Bounty 180 SOL] nft gift carDs Dapp [Have ListinK]
[2] https://jup.ag/tokens/3YSS62oyNgy2Ry3i3pQoC861zM76sZkLFDt8S7SNjupx

Additional Notes: This project contains multiple warning signs that should be taken into consideration, and 80% of the tokens are allocated to the team ^{[Jupiter Studio]}, making them susceptible to a potential dump, despite the LP being locked and linear vesting.. Therefore, I do not advise anyone to buy this token or participate in the bounty campaign they launched.

[albon]

Update:

After the bounty campaign thread created by this developer was deleted, he created a thread in the Announcements (Altcoins) section to promote his token: https://bitcointalk.org/index.php?topic=5569829.0

This time, he has also launched a website for it at: xtoznaextozaya[.]com

He is promoting a “game system” where every investor is required to own an NFT, with costs ranging from 1 XAY up to very high amounts.

In my opinion, there is no real benefit to these NFTs, especially since they did not explain the “financial effect” they promised. This seems like another marketing tactic to encourage people to buy their token, in addition to the Bounty program they've added to their website, where referral commissions reach up to 39% of the funds from new buyers, which is somewhat similar to a Ponzi scheme.

Therefore, the project appears to be high-risk and unreliable so far.