—— While you are rushing to give away money, the scythe is already at your neck. Reconstructing @intodotspace's scheme and my darkest deductions during those days.
This is not a simple Rug Pull; this is a meticulously calculated 'valuation assassination'.
From $2.5 million to $14 million, it is not just the inflation of numbers, but the fission of greed.
Why, when the whole network is in FOMO, am I shouting stop hoarsely in the community?
This is a complete review from my perspective, hoping to help you protect your wallet before the next $SPACE.
In-depth logical disassembly
📅 Act One: A Carefully Designed Bait
Time: Early January, during the project promotion period
🕵️ Crime scene:
The Solana ecosystem is booming, and the prediction market sector is hot.
The Space project emerged out of nowhere, offering extremely enticing incentives:
1. Narrative: On-chain leverage prediction, benchmarked against Polymarket.
2. Endorsement: "Former UFO Gaming team" (implying they managed projects worth billions of dollars).
3. Bait: Implying that the hard cap for fundraising is only $2.5M.
🐼 A panda's inner monologue:
"When I saw the $UFO team's sign, my first reaction wasn't excitement, but wariness. Experienced investors know that $UFO has now lost 99% of its value."
A team that only talks about its past glories and never mentions its current mess is probably looking to "cut another crop" and retire comfortably.
The most counterintuitive thing is the $2.5M credit limit. If it's a celebrity team, why would they limit their budget so much?
Conclusion: This is psychological warfare. The $2.5M figure is designed to create the illusion of extreme scarcity. They know that when retail investors see this number, all they'll think about is "rushing in and getting 10 times their initial investment."
🚨 Early warning signs of pandas:
I issued my first warning in the group of 6: "Don't be fooled by the so-called 'former team' aura."
The amount is too small and the hype is too high; this is very likely a Ponzi scheme. Stay calm and don't get carried away. If you're going to invest, invest in the other two top-tier projects, Polymarket and Opinions.
Act Two: The Greedy Opening
Time: The day pre-sales begin
🕵️ Crime scene:
As soon as the pre-sale began, funds flooded into the Solana blockchain.
It broke through $2.5M within minutes.
But something strange happened: the deposit portal wasn't closed. Funds continued their rapid advance, heading towards $10M.
$20M... Retail investors are still frantically transferring money, afraid of missing out on this "wealth train".
🐼 The Panda's Mental Move:
No, that's not right. The logic is completely broken.
In order to protect the token economic model, normal "small and beautiful" projects will automatically set a hard cap on rejection in their smart contracts.
But their wallets are like bottomless pits.
At that moment, I realized that they had played a fatal word game: blurring the line between Soft Cap and Hard Cap.
They never intended to pay just $2.5M; they were looking at the table and trying to take as much money as they could get.
Every penny invested at this point is not an investment, but rather diluting future profits.
🚨 Panda's Mid-Term Counterattack:
Seeing that some group members were still considering making payments, I urgently shouted in the group to stop them: "Stop! Stop immediately! This project is poison. The team is anonymous and has too many shady pasts. You're just giving the big players an interest-free loan!"
Act Three: The Dagger Revealed
Time: Fundraising ends, announcement released
Crime scene:
Total funds raised exceeded $20 million. The project team finally dropped the pretense and released an announcement:
“We will retain $14M as initial funding and liquidity, and the remainder will be refunded.”
The panda's inner thoughts:
"This blow struck retail investors and KOLs precisely at the neck."
Let's do the math:
Expected return: Starting at $2.5M -> Reaching a market capitalization of $25M -> You will earn 10 times your initial investment.
Reality: Starting at $14M -> Reaching a market capitalization of $25M -> Losing everything.
🚨 In-depth qualitative analysis of pandas:
I immediately wrote an article asserting: "The logic has collapsed. This is no longer a golden dog, but a monstrous asset-heavy company burdened with a huge market value even before it was born. The valuation model has failed, and everyone who was aiming for a hundredfold increase has already been buried."
Act IV: The Purge
Time: Refund Phase
🕵️ Crime scene:
Faced with a refund amount of $6 million, the official response was not to use a transparent smart contract to provide a pro-rata refund.
In practice: "Manual screening, manual refunds".
🐼 The Panda's Mental Move:
The word 'manual' told me that this was the final 'cleaning' process.
Manual screening implies absolute centralization of power.
They can eliminate 'smart money' (those big investors who know how to manipulate the market).
The darkest speculation: How much of their own Sybil Wallets are hidden in the remaining $14M limit?
By manually issuing refunds, they can precisely protect the shares of their own people, excluding genuine individual investors who are seeking redress.
🚨 The Panda's Ultimatum:
I warned all group members: "Don't get your hopes up. This refund process is extremely opaque; if you can get a refund, run for it."
This project has transformed from an 'investment' into a 'gambling game,' and the house can see the cards.
🏁 The End: The Panda's Summary and Reflections
Currently, the @intodotspace team has $14 million in cash and only one product demo.
They don't need to flee because they are already financially independent. What's likely to follow is a long period of "rights protection and buck-passing" and a "relentless decline" in the price of the coin.
This class is expensive, but please remember these three ironclad rules summarized by Teacher Panda:
1. Pre-sales without locking in Hard Cap are a bottomless pit that gives money to the big players.
2. Be wary of teams that have a history of past success. In the cryptocurrency world, past glories often become the capital for today's exploitation.
3. Oversubscription is a negative factor. Remember, the more money a project receives, the less motivated it is to do its work, and the greater its incentive to sell off.
I am @dajingou1, a panda who writes poetry against the wind and hunts with the wind in the Web3 world.
I can't stop the scythe from falling, but I'll try my best to be the first to wake you when it's raised.
If you find this analysis valuable, please RT + Like it so that more people can see this game clearly.
