Altcoin Team, whose Treasury was Locked for a Year, Finally Recovered Its Assets: But Massive Fraud is Suspected

One of the zkSync projects Gemholic An interesting development took place today.

All of the funds of the Gemholic developer team were locked and unavailable due to an error in the sales contract of the project approximately 1 year ago. In the development that took place yesterday, zkSync successfully completed its new update, v24, and with this update, access to locked funds was also opened.

With access to the locked funds, Gemholic developers withdrew 921 ETH locked in the contract and Ethereum bridged it to the network.

Due to the lack of any statement from the developer team and the withdrawal of the funds in question from the zkSync network, there is currently a huge suspicion of rugpull fraud in the Gemholic project in question.

The Gemholic zkSync network wallet currently no longer contains any assets.

Rugpull can be described as a type of exit scam that involves a team collecting money from investors and the public by selling a token, quietly shutting down the project or suddenly disappearing, stealing the raised funds and leaving the “investors” (i.e. their victims) with worthless tokens.

*This is not investment advice.