A Massive multi-million token sale is ongoing that has all the signs of a scam. It's called "Big Eyes" and they have amassed almost ~30M so far with their multi-stage sale. This project suddenly came into my google feeds the other day and from first look, it looked nice meme project, but after doing careful research further, I was able too many red signs and marks of a seasoned crypto scammer group.
The Telegram Mailing List Expose
The original story and investigation were conducted by Matt Williams that connected the dots of a Telegram mailing list that was used by 2 previous scam projects known as Seesaw & Firepin, which both are now in the gutter - latter having even its website taken down. Both of these projects were launched on a launchpad site known as which kinda has a very scam reputation as of right now. As I have previously investigated launchpads they always had a trajectory of scammy behavior and attracting scammers altogether.
- Now what i was able to uncover is that two marketing websites had engaged in promoting Seesaw and Firepin those being AnalyticInsighBitcoinist (Who btw have refused to clear their names so far as I've contacted them) Some of these doing many as ~4 articles per day about Big Eyes project currently, to further promote their ongoing multi-stage sale.
Multi-Stage Sale
The Project has been accruing money via multiple stages, which according to my info started around September 2022. The price keeps going up on each different phase. Until the sum of ~50M is amassed, now hopefully the message can be pushed to prevent this from happening.
Common Skepticism
- If you were to do a multi-stage sale in 2022 with an anon team, it would be normal to ask for form of a IOU tokens being distributed through a contract.
- The smart contract itself has a blacklist feature possibly freezing people's assets from trading, which is not very reassuring given the dynamic of the project right now.
- Developer itself is claimed to be Anon, but in reality, have no GitHub, no well-designed buying contract which would be expected from a project that has so much capital already from sales.
- According to Whitepaper needs 5% of the supply for marketing costs, even though has raised now ~30M dollars which are already being used for marketing.
There aren't a lot of logical reasons here from a design point of the view in tokenomics and how the token is distributed.
So Claimed Anonymous Team
Now its very given that you always should be skeptic about anon teams, especially if they are asking for money. If its an open source project or a new dapp of sorts, I would have differing views about that. So the logical fallacy with Big Eyes here is that if you claim to be why would your whitepaper assign a bunch of made-up names instead of saying "Our team is anonymous and it consists of a 2 developers and few marketing members". This is obviously sleight of hand tactic to make people see that there is something going on behind the doors when there isn't.
- None of these team members actually exist in telegram or in discord. There are just Mod puppets who are either useful idiots or part of the overall scam. There is also paid shilling crew who keep spamming on chat and creating artificial hype regarding the project.
Now obviously I did press about this thing on the telegram group and comments were akin to these that I received from the moderator account.
Top of this there is also an ambassador member who happened to be a COO of a project called LinkSync that basically managed to totally die off within a year losing a -99.33% Of its valuation from ATH according to Coinmarketcap and Gecko.
Now usually I wouldn't be too keen on getting people on a high-quality project who have a history of massive failures in the past right? But I guess if you're already running a scam it doesn't matter what losers you bring in, long as they can further shill your project and make you more money.
Massive Shill Network
As you can see they were able to throw in money to a Times Square advert even back in November 2022. There is an extensive payroll for the shillers which is fueled by the sales of this project essentially. Most of the active members in discord and telegram are massive shills and won't engage in any way with any evidence that has been given about the project.
- In order to appear legit they have conducted a KYC with CoinsniperSolidity Finance (Which is among the lower-tier auditors in the space, also cheaper ones).
- Now according to Matt's article there was already another case last year that did verification with Solidity Finance and still did an exit scam basically.
Now the contracts can be fundamentally clean and the project still can just do a slow-rug which I am indicating what will happen here with this project. The contradiction which I may add is that, why would you go through a KYC only for a 1 member in the team instead of all of them, doesn't bring lot of certainties, unless I was giving fake information to CoinSniper I wouldn't go through KYC for a team if I didn't want to do Public KYC either.
Given how Coinsniper did conduct their KYC back then, is different how they do it now. As you can see they only ask for ID cards and a video, anyone can counterfeit that information quite easily. Especially if the video in itself is not showing the person with the ID on his hand, which presumingly was not required based on my conversations with Duncan of Coinsniper.
It needs to be added that common KYC these days do have proof of address, utility bill receipt, phone verification, and bank statement even. In a case of a project like this, the requirement should be a lot higher fundamentally. Now if any of you are going to press charges about this project, Coinsniper will release the KYC information to the authorities or any investigative party. However, I wouldn't hold my breath that the KYC done on Coinsniper is actually the real person running this scam.
Hard Money Lost Already
Now I could go on about talking about the sloppy tokenomics or how they don't have any documentation about their alleged NFT project on their whitepaper, but at this point, if the evidence is not compelling you, probably nothing will. At this stage you can likely kiss goodbye to your money if you had invested. Chances are people who are buying right now, are subjected to fuck really hard by the alleged "Charity" or Marketing team funds or just simply that the token of the project goes to zero really fast.
As i stated on the video about their 1$ valuation claim, that would take the marketcap to 200B which would be very close to Ethereums current valuation altogether. I Am sort of positive that they will launch the token and proceed to do a slowrug on it, they aren't exactly planning to make money with the token itself much, but with the actual sale. All other memetokens basically that are successful have conducted a fair launch by dropping liquidity on a DEX and going from there, i can't think of anything else that went through a 6 month sale period and came out successful dog coin lmao.
I Will maybe do a follow-up for this, but make sure to spread the video so it will index higher on google, so people won't get scammed any more of their money into this please.
