QUADRIGA INITIATIVE
CRYPTO WATCHDOG & FRAUD RECOVERY PLATFORM
A COMMUNITY-BASED, NOT-FOR-PROFIT
$21 800 000 USD
OCTOBER 2024
GLOBAL
IBXTRADE
DESCRIPTION OF EVENTS
"Invest, Trade, Win! IBX Trade is your trusted partner in the world of financial markets. We offer a wide range of trading instruments including stocks, indices, currencies and commodities so you can build a portfolio. Our platform is designed to provide fast and reliable access to the markets, while low commissions and high liquidity make trading the best possible experience for you."
"$15 Billions In client assets and funds This guarantees the stability and reliability of our financial platform. Your funds are protected!
140+ Financial instruments. A rich selection of assets allows you to diversify your portfolio by investing in different industries!
1:20 Maximum leverage The financial indicator represents the ratio of borrowed funds to own assets on the trading account."
"IBX TRADE Reliable partner for 70k+ clients"
"Personalized control Use an investment portfolio management method that takes into account each investor's personal preferences.
User Asset Security Compliance with all mandatory regulatory requirements to ensure legality and security for users.
Confidentiality and encryption Using TLS protocols and implementing two-factor authentication to improve login security."
"On October 8, Orderly Network responded to the “IBXtrade suspected rug” issue on X saying, “Orderly Network has never supported IBXtrade or its tokens. We are actively investigating the situation and will take the necessary steps to support the community. In the meantime, we are severing any future ties with IBXtrade."
"DeFi analyst Anon Vee posted on X that several users have reported that the Orderly Network ecosystem project IBXtrade is suspected of a rug pull. It is reported that IBXtrade launched a pre-sale three days ago with a target to raise 2,000 SOL (approximately $3.2 million) and refund any unselected participants. The pre-sale ended up raising over 160,000 SOL (about $24 million), with participants originally expecting the project to return $21.8 million. However, instead of issuing refunds, the IBXtrade team created a poll on a website entirely under their control, asking whether the pre-sale cap should be raised. The poll eventually passed, and IBXtrade claimed to have refunded 65,000 SOL ($9.7 million) to participants."
"However, the situation took a dubious turn when IBX’s team conducted a poll on a website fully controlled by them, asking participants whether to raise the funding cap or adhere to the original limit. The poll resulted in a decision to increase the cap, allowing the team to refund only 65,000 SOL (around $9.7 million). The team claimed to have issued these refunds, but reports from participants indicated that not a single person in the comments section received the promised amounts."
"Adding to the controversy, the IBX team swiftly launched a new token called ARTIC, debuting with a market capitalization of $50 million. However, before presale participants could claim their tokens, the market cap plummeted to $6 million, raising questions about the integrity of the operation. The claim page for ARTIC was not created until after the launch, further compounding suspicions.
Exchanges such as MEXC and LBank have listed ARTIC, but the community remains frustrated and skeptical. Many participants are calling for refunds or legal action, expressing their discontent with the lack of accountability from the IBX team."
"PANews News on October 18th, according to the Orderly Network official, Orderly Network denied support for IBXtrade or its related tokens, and stated that any claim that Orderly hatched the project was false information. Officials say they are currently actively investigating the situation and will take necessary measures to protect the interests of the community. At the same time, Orderly Network announced that it would cut off any future cooperation with IBXtrade."
"Orderly Network did not back @IBXtrade or their token. Any claims suggesting otherwise are false. We're actively investigating the situation and will take the necessary steps to support the community. In the meantime, we're cutting off any future involvement with @IBXtrade."
"According to Twitter users @AnonVee_ breaking news, IBXtrade is suspected of a drug scam recently. IBX started pre-sale three days ago, and originally planned to raise US$3.2 million, and promised to refund the funds of the unselected participants. However, the pre-sale actually raised more than 160,000 SOL (approximately US$ 24 million), and is expected to refund US$ 21.8 million. The project team initiated a vote on the website under its control to ask whether to increase the pre-sale ceiling. As a result, the ceiling was increased and only 65,000 SOL (approximately US$9.7 million) were returned. The team is said to have refunded, but the actual funds were transferred to multiple team self-built addresses, and no investor confirmed receipt of the refund.
In addition, the team created the ARTIC tokens at 6:16 am UTC time, and added liquidity at a market value of $50 million. Subsequently, the market value fell to $6 million, and investors still failed to receive the replacement currency in time. ARTIC is online MEXC and LBank."
ChainCatcher message, in response to the allegations of "suspected rug," IBXtrade stated on X: "We understand the current dissatisfaction in the community and are working hard to address it. We will do everything we can to resolve the issue and will share the next steps as soon as possible. Orderly is not related to the issuance of the token; this token issuance is entirely executed by the IBX and Artic teams."
IBX Trade appeared to be a platform which had billions under management and a whole host of active clients investing in a wide range of assets. They had participated in Orderly Network's incubation program, which created an impression of legitimacy, and Orderly Network shared information about the project on multiple occasions. However, the team decided that instead of launching the project they would rather keep investor money. Orderly Network distanced themselves entirely from the ordeal and investors appear to be entirely out by all invested funds.
Orderly Network否认曾支持IBXtrade，IBXtrade疑似已RugPull - PANews (Nov 8)
@IBXtrade Twitter (Nov 8)
@0xBizonacci Twitter (Nov 8)
@dakshnft Twitter (Nov 8)
@queady Twitter (Nov 8)
IBX Trade (Nov 11)
IBX Trade (Nov 11)
IBX Trade (Nov 11)
https://www.binance.com/en-JP/square/post/2024-10-18-orderly-network-s-ibxtrade-project-faces-rug-pull-allegations-15028042810321 (Nov 11)
IBXtrade: Orderly is unrelated to the issuance of tokens and will work to address community issues and announce next steps - ChainCatcher (Nov 11)
Have you checked out IBX? — The newest broker powered by Orderly Network! | by CoolestG_123 | Medium (Nov 11)
@OrderlyNetwork Twitter (Nov 11)
@OrderlyNetwork Twitter (Nov 11)
@OrderlyNetwork Twitter (Nov 11)
@OrderlyNetwork Twitter (Nov 11)
@0xBizonacci Twitter (Nov 11)
Orderly Network: Never Supported IBXtrade, Will Cut Any Future Ties With IBXtrade | Bitget News (Nov 11)
@IBXtrade Twitter (Nov 11)
Orderly Network’s IBXtrade Accused of Misleading Investors: Guest Post by TheNewsCrypto | CoinMarketCap (Nov 11)
