Filecoin Blockchain Project and Initial Coin Offering Under Investigation
An on-chain investigator, known as @BoringSleuth on X (formerly Twitter), has raised questions about the origin of the popular blockchain project Filecoin (FIL) and its initial coin offering (ICO).
In a recent report shared on X, BoringSleuth detailed their investigation process, which involved mapping out wallets associated with Filecoin and observing trends in funding transactions.
“I was mapping out Wallets, starting with the wallet that sent the most ETH sent to Filecoin, and working my way down until I was deep enough,” the user wrote.
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During their investigation, BoringSleuth noticed trends in how the wallets were funded, who they interacted with, and in what patterns, as well as identifying the owners of the wallets.
They discovered that several wallets that were sending Ethereum (ETH) to the Filecoin ICO wallet had very long decimal numbers. A total of 1,255 transactions with these unique numerical patterns were identified.
Out of the identified transactions, 296 wallets concluded with 937, another 228 wallets with 967, some 179 wallets with 697, and 111 wallets with 696. The remaining 106 transactions had distinct last three digits but shared the same long decimal numbers.
BoringSleuth argued that these patterns were orchestrated by the founders and venture capitalists (VCs) involved in the ICO to create the appearance of high interest. The intention was to deceive investors and dump tokens on unsuspecting participants.
According to BoringSleuth, such codes or patterns are used to group together the senders and their contributions.
The report also linked popular figures such as Ethereum founder Vitalik Buterin and the Ethereum Foundation to these activities. The investigator suggested involvement from the CCP Group, as well as Cumberland and Prometheum, while referring to the Filecoin ICO as a Ponzi scheme.
BoringSleuth claimed to have grouped the wallets and crosschecked them with the “Truth Labs Database of Networks and Wallets” to ascertain ownership, allowing them to attribute the wallets to different entities involved in the ICO.
The report gained notable attention on social media platforms, amassing around 150k views on X. BoringSleuth has also teased that there is more to be revealed at a later date.
Despite the controversies surrounding its ICO, Filecoin has grown to be a massive project. It is a decentralized storage network that aims to create a global marketplace for storing and retrieving digital data. Currently, it has a market cap of more than $1.4 billion, ranking as the 32nd largest cryptocurrency in the world.
As of now, Filecoin’s native token FIL is trading at $3.26, remaining largely flat over the past day.
This investigation raises important questions about the transparency and integrity of ICOs and the involvement of influential figures in the cryptocurrency industry. It highlights the need for thorough scrutiny and due diligence when investing in blockchain projects.
It remains to be seen how this investigation will impact Filecoin and the wider cryptocurrency community. Investors and regulators will likely be closely monitoring the developments to ensure greater transparency and accountability in the industry.
