Balance: Why did the fraud project land on Binance Alpha? Deceiving the community and harvesting retail investors, the crime should be punished
Reprinted from chaincatcher
04/22/2025·27DAuthor: Ice Frog
To be honest, I have seen many projects that cut leeks in the currency circle, but it is rare to use projects like BalanceWeb3 to cheat and burn while burning, and finally have to bite back. They use "node incentives" and "airdrop mechanisms" to package scams, and use the so-called long-term development of projects to decorate and harvest, which covers up just a long-planned zero-sum scam.
The most disgusting thing is that this project not only needs to empty the community, but also needs to exchange the blood of community users for its own Binance to cash out the channel.
1. The beginning of the scam: fake roadmap, fake financing, fake
airdrop, real rat trading, real deception
- Fake roadmap: The official website initially promised TGE in November 2024, but later quietly changed it to March-April, not only deleted the original page, but also banned users of questioning. Behind the concealment is the guilt of the situation.
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Fake financing: It is actually misleading to claim that it has obtained 40 million yuan in financing invested by A16Z. In fact, that is the accumulated figure of historical financing, but the parent company of the investment, E-pal. A16Z did not participate in Balance's investment at all. She deliberately posted a "giant endorsement" just to attract retail investors to take the bait.
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Fake airdrop: When selling nodes, it claimed to be "exclusive airdrop opportunity". As a result, the airdrop was issued consistent with other users. There was no exclusive at all, only dictatorship.
- Real rat warehouse: Nine of the top ten addresses on the NFT whitelist are suspected to be team accounts, with no interaction, no activity, unified gas, and the traces of making games are extremely obvious.
Verification link:
- True deception: NFT promises "major incentives", but in the end it is just a discount coupon; mining nodes promise "exclusive rewards", but in the end they are maliciously locked up for 120 days.
The irony is that the earlier the user participates and spends more, the more he is cut.
2. The climax of the scam: From temptation to counterattack, everything
was planned
Please see the final announced airdrop collection mechanism:
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Receive abnormality: start trading at 8 o'clock, start collecting at 8 o'clock, and still cannot be collected after 9 o'clock;
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Binance Alpha user: each person receives $3500 EPT, about $12, unlock immediately;
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Hard-working mining users: it takes several months, purchase cost up to US$600, only 6,000 EPT, and it needs to lock the position for 120 days;
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If you withdraw in advance: you can only receive 15%, and the remaining 85% will be destroyed by the project party. You pay the money and dig the mine, and you will have to pay it back.
Combining the above four points, it is not a so-called project technical problem, it is purely a part of the fraud project. The project party used "user locking + punishment and destruction" to build a legal robbery system covered with the cloak of the mechanism.
The entire scam logic is:
Use node sales to cheat users to pay; use token distribution to cheat users to mine; use punishment mechanisms to prevent users from withdrawing money; finally drain all value to Binance users, and use delayed collection of airdrops to complete fixed-point cashout.
The above signs, from the beginning to the final mechanism adjustment, prove that the project is not the so-called craftsmanship, or a long-planned conspiracy and fraud.
3. Behind the scam: What role does Binance play in it?
When a scam project uses community resources to feed itself and package it into Binance Alpha, we must ask: Binance, are you really screening projects, or are you screening for "projects that will give money"?
The official introduction of Binance Alpha is written as follows: "The tokens on the Alpha platform are screened through industry expertise and advanced analysis... We focus on the in-depth combination of community popularity, growth and crypto ecological trends."
Then the question is:
Where did your expertise go? You can’t see the fraud of financing? You can't see the information fraud? What is your advanced analysis? Can you identify the growth momentum of “the project party is harshly cutting”? Your "trend judgment" is: as long as you can suck blood, even the community blood will be accepted as required?
Stop using "Binance does not endorse the currency listing project" as a fig leaf. You have collected the tokens for the project. These tokens are all bargaining chips with blood, and each one is the blood of community users. Are you gone without any awe?
Is Binance Alpha going to become a high ground for the whitewashing of fraudster projects? Finally, we will reach the starting point for retail investors to jump off the building?
This is not an ordinary leek cut, but a fraudulent performance that was publicly performed in broad daylight. The stage is Binance, the actor is Balance, and the ticket price is the trust of the entire community.
Balance must be responsible for this, and Binance must also be responsible for opening the door to thieves.
Today's shouting and rights protection are not about losing money, but about the public trial of these evildoers. Even if my power is small, I will say: Fraud should be damned, Balance should be damned.
Finally, I sincerely hope that Binance, as an industry leader, will truly take responsibility, and will not deceive itself or be deaf and dumb again. As a platform that carries the expectations of many users, at least it should not tolerate fraud, or at least it should not tolerate these project parties that wantonly harvest users.
I believe Binance is still a dragon-slaying boy.
panewslab
