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FLOKI Addresses Rumors and Denies Association with PetabyteCapital – What’s Going On?

Hassan Shittu
Last updated: | 2 min read
Source: iStock

FLOKI INU, a popular crypto meme project, addressed users on X about allegations and rumors about its projects and warned the crypto community to beware of anyone using their brand name and reputation to promote any project to them, as it is likely a scam. 

FLOKI used their X handle @RealFlokiInu to clarify the rumors of PetabyteCapital’s association with the project. 

FLOKI also stated that the project does not have a founder or co-founder. 

“We would like to clarify that PetabyteCapital is not and was NEVER a $FLOKI co-founder. #Floki is a community project in the true sense of the word and has never had a founder or co-founder. ” 

FLOKI made this announcement following several reports of scam projects and individuals associating themselves with them.

The effort was also intensified when they saw some projects claiming to have a FLoKI co-founder to gain trust and hype around their project. 

The initial warning came when an account on X reported PetabyteCapital in a tweet for claiming to be a FlOKI co-founder and promoting a scam project on his timeline.

Blockchain sleuth ZachXBt called out two accounts, TraderNJ1 and PetaByteCapital, for allegedly deceiving multiple projects by leveraging the names of other influencers or projects to obtain free tokens from CBOT and BABYSHIB to dump on their undisclosed followers.

In the case of BABYSHIB, it was highlighted that NJ and Peta allegedly deviated from the original agreement by failing to promote the project as promised and promptly selling their holdings.

A similar pattern emerged with CBOT, where NJ and Peta purportedly negotiated for a percentage of the token supply in exchange for marketing efforts.

However, subsequent actions indicated a different agenda, with tokens being swiftly liquidated. This incited concerns as neither NJ nor Peta disclosed their compensation arrangements when promoting these projects.

Additionally, they allegedly utilized the names of other influencers to secure a share of the token supply, further complicating the situation.

Warning Issued by FLOKI INU Team Regarding PetaByteCapital’s and Emphasizing Due Diligence in Crypto Investments

FLOKI INU’s team has issued a precautionary statement in light of PetaByteCapital’s non-prior association with FLOKI by clarifying that their official channels would formally announce any potential future token launches.

They strongly advised the crypto community to exercise due diligence, verify the authenticity of information, and conduct comprehensive research (DYOR) before making any investment decisions. 

“Users should please beware and do their own research. Floki has not launched any other token. If we were ever to launch a new token, it would be announced first on our official channels.”

FLOKI INU is a community-based project inspired by the Shiba Inu breed.

FLOKI has announced several partnerships over in the past few years to establish itself as the top meme-based crypto. 

In July, FLOKI INU partnered with Binancepay to foster the adoption of Floki Shop, an official merchandise store of Floki Inu where users can purchase various items with their FLOKI tokens.

Since its launch in 2021, Floki Inu is currently the market’s third most popular meme token, behind Dogecoin and Shiba Inu. The token is presently priced at $0.0000156, down over 6% in the last 24 hours.